Fuel Price Hike I Economic impact with Johann Els

Motorists will pay more for fuel from midnight. The Department of Mineral Resources and Energy has confirmed that the price of both grades of petrol will increase by 75 cents per litre. The diesel price will increase by between 70 and 75 cents per litre while Illuminating paraffin is going up by 71 cents per litre at the retail level. The department has attributed the latest increase to the current geopolitical tensions in the Middle East that are affecting the transportation of oil and the weaker rand exchange rate. Old Mutual Group Chief Economist, Johann Els joins us to discuss.

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