Things are about to get tougher for South African motorists with fuel prices set to increase in the month of May.
South Africa is one of the most expensive places in the world when it comes to filling up our tanks. This isn’t about to change soon either. The price of fuel is set to go up this month, and the jump will affect both private motorists and users of public transport.
Currently if you have a 50 litre petrol tank, it takes R652.50 of octane 95 for a full tank. Instead of paying R13.05 for a litre you will be paying 49 cents extra making it R13.64 for a litre of fuel and a full tank worth R682.
The fuel price hike won’t just affect the jol ride for the night but the price of food, drinks and clothing. The increase of fuel will look as shown in the info graphic chart below.
Bloomberg updated its global fuel price index for April 2017 – this showed that South Africa is no longer the country that spends the highest proportion of the average salary on petrol, but is still one of the most expensive places to keep tanks full.
According to the 2016 index, South Africa ranked last as the country that spends the highest proportion of the average salary on petrol in a year – however, as of April 2017, Mexico has claimed the crown, where 3.9% of the average annual Mexican salary is spent on petrol.
We actually spend about 3.2% of our average annual salary just keeping our tanks full – compared to countries like Venezuela, where just 0.02% of the average annual salary is spent on petrol.
Peep the comparison of April and the current May fuel prices.
So tighten your belts, fam, this month will be a tough one.
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