South African consumers face a double-whammy of increases next month - Economists are predicting another hike in lending rates, while motorists are expected to receive a nasty surprise at the petrol pump.
Although early in the accounting period, the under-recovery of petrol is already 51.5 cents a litre.
This means that consumers are paying less for oil-rated products than the ruling price.
A big worry came out on the world markets today, with the price of Brent crude oil hitting an historic peak of 95.09 dollars per barrel in trading amid concerns over tight global energy supplies. Earlier, New York’s main contract, light sweet crude for December delivery, hit a record high of 98.46 dollars per barrel.
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