Faizel Patel, Radio Islam News – 01-04-2019
A Wits economics professor has told Radio Islam, South Africa has become a very expensive place to live.
Concerns have been raised about the impact the looming massive petrol price will have not only motorists but consumers in general.
From Wednesday the price of petrol will increase by R 1.34 cents per litre while diesel will go up by between 81 and 82 cents per litre.
The new petrol price increases comes into effect as South Africans brace themselves to deal with an over 9% increase in electricity which comes into effect today.
Lumkile Mondi says many household have already been hard hit by various costs.
He says many middle class citizens are being pushed backwards forcing them to borrow from “Peter to pay Paul”
“It’s going to be very interesting to see whether the economy becomes a variable in the May 8th elections. Whether consumer are going to say ‘the reason why we are in such distress, is because of ANC mismanagement and corruption that we’ve seen in all the newspapers and all the radio stations.”
On Friday ratings agency Moody’s opted not to make a call on South Africa’s credit rating with anticipation that the agency would potentially shift its outlook on the country from stable to negative — but the chance that it would do nothing was also a possibility.
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