Cape Town – It is no secret that the looting and unrest that took place in South Africa had a negative impact on the country’s economy. The results are starting to show. Petrol, diesel, and paraffin prices are set to increase, reports say.
According to IOL, “the AA (Automobile Association) said late last week that the looting and unrest had caused the rand/dollar exchange rates to rise from R14.35 to nearly R14.80 since June 12, while the international price of oil had continued to advance”.
ALSO READ: SA ports in riot-hit KZN province ‘start operating’
As a result, the AA has predicted petrol, diesel, and paraffin price hikes to take place from next month (August) and has called on South Africans to limit all non-essential travel, EWN says.
Meanwhile, South African motorists have begun to panic buy petrol as concerns of fuel shortages rise, following an interruption to supply that was caused by last week’s violence.
The violence – the worst in post-apartheid South Africa – erupted after former president Jacob Zuma was sentenced to 15 months in jail for snubbing a corruption inquiry.
The rioting caused widespread destruction, leaving thousands of businesses trashed, including many retail shops that were specifically targeted.
Follow African Insider on Facebook, Twitter, and Instagram
Picture: Getty Images
Compiled by Sinothando Siyolo
