Petrol price will ease off in the long run: economist
Despite all the price hikes taking place, an economist feels consumers will benefit from a strengthening rand in the long run.
In the meantime, Francois Stofberg says consumers will have to bear the burden of price hikes.
However, he believes the rand will strengthen against the US dollar towards the end of the year.
"We will see an ease off in the petrol price that will definitely alleviate some of the pressure on the consumer. In the long run, we can expect some good news.
"The rand is undervalued where it's currently trading at. It is seen driven sentimentally and emotionally and after a good election and more political stability, we believe the rand can start a slow process of strengthening," he said.
As of tomorrow, motorists will have to fork out 12 cents a litre more for a litre of petrol.
Diesel goes down by 1 or 2 cents depending on the grade.
(File photo)