MOTORISTS will have to pay more for a litre of fuel at the pumps as of Wednesday this week.

Minister of Mineral Resources and Energy, Gwede Mantashe has announced that both grades of petrol 95 and 93 will go up by 40 cents and 43 cents per litre respectively.

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Diesel (0.05% sulphur) and illuminating paraffin will also increase by 55 cents per litre, while diesel (0.005% sulphur) will rise by 54 cents.

‘The main reasons for the fuel price adjustments are due to the contribution of the rand/US dollar exchange rate.

‘The rand appreciated, on average, against the US dollar (from R15.17 to R14.93 per USD) during the period under review when compared to the previous one.

‘This led to lower contributions to the basic fuel prices of petrol, diesel and illuminating paraffin by about 24 cents per litre,’ said Mantashe.

He said the average Brent Crude oil price increased by almost 20% during the period under review.

‘Crude oil prices continued to climb after the American Petroleum Institute (API) reported a crude oil inventory draw down of 4.785-million barrels for the week ending 25 December.

‘With respect to finished products, the movement in international prices of petrol, diesel and illuminating paraffin increased by about 67.29 cents per litre, 80.01 cents per litre and 79.82 cents per litre respectively,’ the Minister said.

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