Home » Featured IND » Petrol price to rise by 11 cents

Petrol price to rise by 11 cents

Cash strapped consumers will have to fork out more at the pumps as the petrol price is set to increase by 11 cents on Wednesday.

The Department of Mineral Resources and Energy announced that a litre of 93 and 95 (ULP and LRP) will rise by 11 cents.

The price of diesel (0.05% Sulphur) will decrease by 13.29 cents a litre, while that of diesel (0.005% Sulphur) will decrease by 14.29 cents.

The price adjustments will see a litre of 95 in Gauteng, which currently costs R15.81 a litre, go up to R15.92 cents a litre.

The price of illuminating paraffin (wholesale) and that of illuminating paraffin (SMNRP) will both come down by 2 cents a litre.

The Maximum Retail Price for LPGAS will increase by 31 cents per kilogram.

The department said the main reasons for the fuel price adjustments during the period under review include local and international factors.

“On the international front, during the period under review, the Rand appreciated on average against the US Dollar from 14.62 to 14.05 Rand per dollar compared to the previous one.

“This led to a lower contribution to the Basic Fuel Prices on petrol by 28.20 cents a litre, diesel and illuminating paraffin 29.40 cents a litre.”

The average Brent Crude oil price increased from 63.60 US dollars per barrel to 64.10 USD per barrel during the period under review.

“The main reasons for the increase in the oil prices were the rising tensions in the Middle East after Iran captured a British oil tanker which sparked worries about supply disruptions through the Strait of Hormuz, through which about a fifth of the world’s oil flows,” said the department.

In addition, sanctions that Washington imposed on Chinese State-Owned energy company, Zhuhai Zhenrong Co Ltd, for allegedly violating restrictions that were imposed on Iran’s oil sector also played a role in oil price increases.

The August price increases follow a price decrease of between 96 and 95 cents last month

To enquire about Cape Business News' digital marketing options please contact sales@cbn.co.za

Related articles

Steinmüller Africa Delivers Header-Type HP Heater to SA Power Station

Steinmüller Africa Delivers Header-Type HP Heater to SA Power Station Steinmüller Africa has dispatched its first fully designed and manufactured entirely in South Africa Header-type...

SA needs more capital and better places to put it

SA needs more capital and better places to put it Old Mutual Chief Executive Officer Jurie Strydom says raising investment will not be enough to...

MUST READ

Engineering the turnaround: How technical excellence and innovation will drive South...

Engineering the turnaround: How technical excellence and innovation will drive South Africa’s rail recovery By Professors Pilate Moyo and Hannes Gräbe, Co-chairs, SAHHA Technical Committee AS...

RECOMMENDED