Fuel price hikes now reaching middle class - Saftu
The South African Federation of Trade Unions (Saftu) says the latest fuel price hikes will not only impact the poor but will also creeping into the middle class.
The price of both grades of petrol will increase by R1,21 cents per litre, while the diesel price will be hiked by between R1,06 and R1,19 per litre on Wednesday.
Illuminating Paraffin will increase by 85 cents at the retail level, and LP gas will increase by 41 cents per kilogram.
READ: Fuel costs to burn bigger hole in consumers’ pockets in March
"Interest rates rose above the pre-pandemic levels and two-fold from the historic lows of the pandemic levels to new highs at 11,75% at the prime lending rate. The aggregation of all these factors means the continuous rise in any of these consumer items exacerbates the rising cost of living.
"The increase in fuels (including electricity) is even worse because they are also used by firms as inputs. In other words, as part of input costs, a rise in their prices has an inflationary effect on other consumer goods.
"All these factors make life impossible for the working class while the economic elite is emulated from this crisis of cost of living by their hefty incomes, precisely because capitalism has concentrated wealth in their hands."
Find us on social media
Follow the ECR Newswatch WhatsApp channel here
