South African motorists are facing another major blow at the pumps, with petrol prices potentially rising by around R3 a litre next week.

95 petrol could reach the R30 mark as higher oil prices and a weaker rand push fuel costs sharply high.

Group Chief Economist at PSG Financial Services Johann Els says, “The higher oil prices, the rising interest rates you are seeing globally, not only in South Africa, that tends to depress economic activity, so down the line we might see impact in terms of inflation coming onto downward pressure.”

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