The cost of living looks set to increase even higher for South Africans.
The price of petrol is expected to go up this month by about R1,77 a litre.
This is on the back of increasing oil prices. The price of diesel is expected to go up by about R3 a litre, while Paraffin will likely go up by about R2,65 per litre.
This latest increase will push the cost of a litre of petrol to over R22.
This will likely have a ripple effect of other costs, threatening to push up inflation even higher.
With inflation at higher levels, the Reserve Bank will likely raise interest rates, further eroding consumers' disposable income.
Last week, Finance Minister Enoch Godongwana announced that the fuel levy would be temporarily reduced by R1,50 from Wednesday to the end of May.
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