South African motorists are facing another steep fuel price increase ahead of the festive season.
On Monday, the Department of Mineral Resources and Energy announced that the petrol price will go up by 81 cents per litre, with the current price standing at R19.50 per litre.
The changes are as follows:
- Petrol 95 – increase of 81.00 cents per litre;
- Petrol 93 – increase of 81.00 cents per litre;
- Diesel 0.05% – increase of 72.50 cents per litre;
- Diesel 0.005% – increase of 74.50 cents per litre;
- Illuminating paraffin – increase of R1.45 per litre.
The maximum LPGas retail price will increase by 183.00c/kg, while the Single Maximum National Retail Price for December will be 1,489.00 cents per litre compared to 1,433.00 for November.
All prices increases will be effective from Wednesday.
Prices are affected by two main factors including the rand/dollar exchange rate and charges to international petroleum product costs, which is primarily driven by oil prices.
The latest fuel price hikes are due to the depreciation of the rand against the dollar, which was R15.85/$ compared to R14.72 in the previous month.
“This led to higher contributions to the Basic Fuel Prices of petrol, diesel and illuminating paraffin by over 34 cents per litre,” the department said in statement.
The net increase of 17.84 cents per litre in the annual margin adjustments on petrol contributed to the higher price increases as well as a net increase of 8.20 cents per litre on diesel and illuminating paraffin wholesale prices.
The average oil price also increased from $82.50 a barrel to $83. The Slate levy will also be hiked from 15.36 c/l to 41.66 c/l on Wednesday.