Petrol price increase to hit pockets hard
“The strengthening of the rand against the US Dollar during the period under review ... cushioned the fuel prices by over 17c/l‚” the department said.
The Energy department has announced that the price of petrol will increase by up to 11 cents a litre by midnight on Tuesday.
This will raise the cost of a litre of 93 octane petrol from R12.96 to R13.07 for motorists, while a litre of 95 octane unleaded petrol will go up from R13.26 to R13.34.
Diesel with 0.05 percent sulphur will rise by 42 cents a litre, while 0.005 percent sulphur diesel will go up by 41 cents a litre.
A higher oil price and a slight increase in the prices of petroleum products in international markets were the main reasons behind the fuel price increases.
Also going up is illuminating paraffin, with the wholesale price set to rise by 57 cents a litre.
Gas is likely to go up by 12 cents a kilogram.
“The strengthening of the rand against the US Dollar during the period under review… cushioned the fuel prices by over 17c/l‚” the department said.
The Automobile Association (AA) warned that continuing market volatility was a danger to fuel prices.
“We expect further volatility in the short to medium term as world markets continue to digest the consequences of the UK’s referendum to leave Europe.
“This means that any additional political or economic shocks are likely to have a strong impact on South African fuel users,” it said in a statement on Friday.
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