JOHANNESBURG – Economists say that it is possible that fuel prices may still further increase in June.
Some say that the latest fuel price hikes were largely expected, given the international increase in the price of crude oil.
The petrol price is going up 49 cents a litre.
The Energy Department announced on Thursday that motorists will have to pay between 58 cents and 59 cents more for a litre of diesel.
Econometrix chief economist Azar Jammine says that further hikes could be on the horizon.
“The international price of crude oil rose to its highest level in four years, on the back of cutbacks in supplies from the Middle East as they try to force prices up but also because of fears of renewed tensions between the United States and Iran.”
He says fuel prices now are not so different from where they were last year December.
“Oil prices remain fairly high and the rand has weakened still further so it’s conceivable that there will be further price increases in June.”