South Africans are waking up to a higher electricity tariff, with experts warning that the tough economic times may lead to more uncertainty about the country’s investment market.

National Energy Regulator of South Africa approved a hike of just over 9.4%, which comes into effect on Monday.

Consumers will have to dig deeper into their pockets as the price of petrol is also set to go up this week.

From Wednesday, all grades of petrol will increase up to R1.34 per litre and R0.81 and R0.82 more for diesel.

Economist Goolam Balim said: “The elections will be defining and it is considered to be a market-friendly outcome. It will perhaps usher some rand recovery and with it, we can perhaps in the aftermath of the elections, foresee some easing in the fuel price.”

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Jeff Radebe who is the Energy Minister has announced the adjustment of fuel prices for April 2019, with motorists to be hit hard as a result of rising global oil prices, a weaker rand and the introduction of new fuel taxes.

April is an important month in the fuel price calendar to revise road and pipelines tariffs as well as fuel and Road Accident Fund (RAF) levies, to be implemented into the price structures of petrol, diesel and Illuminating paraffin (IP), the Department of Energy said.

Their total contributions to the fuel price increase is about 26.00c/l in Gauteng whilst the international factors amounted to about 106.00c/l on petrol and 56.00c/l on diesel and IP, it said.

The rand depreciated, on average, against the US dollar (from R13.80 to R14.36) during the period under review.

This increased the contribution on the Basic Fuel Price of petrol, diesel and illuminating paraffin by between 28.00c/l and 30.00c/l, the department said.

The average Brent Crude oil price increased from $64.04 to $66.01 per barrel during the period under review. continue reading…

Source – EWN

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