Here’s the official fuel price adjustment for December

While many were hoping to save some money in travel costs over the festive season, motorists are set to dig deeper into their pockets as fuel prices are set to go up as of midnight (Wednesday).

The price of both grades of petrol (95 and 93 unleaded) will increase by 17 cents per litre while diesel users will pay 54 cents more per litre. Illuminating paraffin will go up by 48 cents per litre.

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Announcing the official adjustments on Tuesday, Minister of Mineral and Petroleum Resources Gwede Mantashe said the main reasons for the fuel price adjustments include crude oil prices, implementation of the slate levy and adjustment of industry margins.

“The main contributing factors are the OPEC+ (Organisation of the Petroleum Exporting Countries) decision not to increase production in December and increased production from non-OPEC countries amid stagnant economic growth globally.

“The average international product prices of petrol were affected by lower demand, a switch to cheaper winter gasoline as well as higher inventories. On the other hand, diesel and illuminating paraffin increased because of higher seasonal demand given the upcoming winter season in the Northern Hemisphere,” said Mantashe.

“The cumulative slate amounted to a positive balance of R4.84 billion for petrol and diesel of at the end of October. In line with the provisions of the Self-Adjusting Slate Levy Mechanism, a slate levy of zero cents per litre remain in the price structures of petrol and diesel with effect from 4 December.”

Travelling this holiday season?

The Automobile Association (AA) has urged motorists to ensure their vehicles are in good working condition to ensure safety and minimise fuel consumption.

The association emphasises that the increases in diesel prices will have negative consequences for all consumers, as higher input costs will likely lead to increased prices at stores.

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“We urge consumers to monitor their fuel usage closely and to budget according to the new fuel prices, which will take effect at midnight on Tuesday, 3 December.

“Ensuring vehicles are well-maintained, carefully planning routes, and avoiding heavy traffic whenever possible are some strategies that motorists can use to improve fuel consumption,” AA stated.

“A well-maintained vehicle is critical but so is a good attitude when driving. Understand that you will be sharing the road with many thousands of other travellers, and that your and other road users’ safety is your shared responsibility.

“Obey the rules of the road, be courteous to other drivers, and rest every 200km or every two hours to ensure you are alert,” the AA concluded.

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