Motorists will have to dig even deeper into their pockets as the price of petrol is set to rise by 49 cents next week.
The Department of Energy on Thursday announced that the price of both grades of petrol, 95 and 93 (ULP and LRP), will increase by 49 cents.
This will see a litre of 95 ULP petrol in Gauteng rise from the current R14.48 a litre to R14.97 a litre. The price of 93 octane unleaded petrol will rise from R14.23 to R14.72 a litre.
The price of Diesel (0.05% Sulphur) will rise by 59 cents a litre and the price of Diesel (0.005% Sulphur) will increase by 58 cents, while the wholesale price of Illuminating Paraffin (Wholesale) will rise by 52 cents.
Illuminating Paraffin (SMNRP) will increase by 69 cents, while the Maximum Retail Price for LPGAS will increase by 70 cents per kilogram.
The price increases will come into effect on Wednesday.
The main reasons for the fuel price adjustments are due to the fact that the Rand depreciated, on average, against the US Dollar during the period under review. The Department of Energy said the Rand’s movements were mainly influenced by global factors.
“The Rand went through a period of volatility in April, mainly due to concerns over the China/USA trade tariff dispute that put pressure on the currencies of emerging markets, including South Africa,” said the department on Thursday.
The price increase was also due to the increase in the prices of crude oil during the period under review. In addition, the import prices of petroleum products increased on average during the period under review. This was in line with the higher crude oil prices.
In April, the department announced a 72 cents a litre increase in the price of 95 ULP and 69 cents a litre in the price of 93 ULP. This pushed the cost of a litre of 95ULP in Gauteng from R13.76 to R14.48 cents.
https://www.africaprimenews.com/2018/01/03/business/we-can-no-longer-sell-fuel-at-n145-per-litre-nigerian-oil-marketers-insist/
