Hole in Ladysmith motorists’ pockets as petrol price increases
International factors include the fact that South Africa imports both crude oil and finished products at a price set at the international level
Here goes our money…
The petrol price is set to rise once again, leaving many motorists fuming and with holes in their pockets.
The retail price of both 93 and 95 octane petrol is set to rise by 29 cents a litre on Wednesday, February 1, the Energy Department announced.
According to the department, the price of diesel will also increase by 21 cents a litre and the wholesale price of illuminating paraffin will increase by 17 cents a litre.
Those wanting to buy LP gas will pay 21 cents more per kilogram.
The department attributed the fuel price adjustments to an increase in international factors and currency fluctuations.
International factors include the fact that South Africa imports both crude oil and finished products at a price set at the international level, including shipping costs.
The prices of crude oil increased, on average, during the period under review.
“Oil prices rose on news that key crude exporters, including Saudi Arabia and Russia, were cutting production to reduce excess supply of crude,” the department said in a statement.
