The Department of Energy has confirmed a marginally lower than predicted spike in the price of all grades of fuel from Wednesday (3 March).
In an official statement, the Department states that the price of 93 and 95 unleaded will increase by 65 cents, diesel by between 54 and 56 cents a litre and illuminating paraffin by 47 cents. This despite the Rand appreciating against the US Dollar from R15.09 to R14.76.
“The average Brent Crude oil price increased from $53.10 to $60.10 per barrel during the period under review. Crude oil prices continued to soar due the extreme cold weather conditions in the United States of America and throughout Europe,” the Department said.
“With respect to finished products, the movement in international prices of petrol, diesel and illuminating paraffin increased by about 79.67 c/l, 70.42 c/l and 61.59 c/I respectively, during the period under review”.
The adjustments will come into force from midnight on Tuesday.