JOHANNESBURG - The South African National Taxi Council says it’s fighting a losing battle.
According to the council’s Thabo Moila, the continued fuel price hike would wipe out nearly 20 percent of their profits by the end of the year.
At midnight, the fuel price will reach new record highs.
"It’s affecting us on the N1 and toll gates. Tollgates are going up twice a year…if you look at our profits from around last year this time, it’s gone down by 10 percent," Moila said.
"There’s nothing we can do because remember the petrol is going up. If you look from now every month the petrol is going up.
"The profit we are taking home now will go down by another 5 percent, so this then means by December this year we’d have lost a total of 15 percent of our profits."
Given the predictions and drop in profit margins by taxi owners dating back to late last year, Tuesday night's massive fuel price hike may be the push people need to park their cars and start walking instead. eNCA reporter Nqobile Madlala has more on this story. Courtesy of #DStv403