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Another gas hike is coming and it’s a big one
With the world’s oil producing countries slowly coming together and stopping their competitive price wars in which gasoline prices fell during the pandemic, gasoline prices (which were artificially low) are now expected to rise again, gradually increasing, increasing.
It looks like this is now fully in effect and the price increases should now come in sequential order. There was growth as early as 2021, and this is likely to continue.
The price of oil is given in dollars. When the rand loses its relative value against the US dollar, oil costs rise. This means that gasoline costs are increasing, which in turn drives up the price of items (such as groceries) being transported.
“Gasoline costs you 17.48 R per liter”
The expected increase of 90 cents / liter will be added to an additional increase of 26 cents in the beginning of April 2021. This means that the cost of petrol is expected to increase by R1 1.16 through April and about 92 cents in the cost of diesel.
Petrol costs R17.48 per literTaxes account for 35% of these costs (R6.10).
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