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Friday, July 12, 2024

Massive fuel prices hike for July, both diesel and petrol going

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The Mineral Resources and Energy Department has announced the July fuel prices showing a massive increase that will kick in on Wednesday 6 July 2022.

The increase sees both grades of petrol going up by R2.37 and R2.57 per litre.

Diesel will increase by R2.30 and R2.31 per litre for both grades of diesel.

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Illuminating paraffin will cost R1.66 more.

The rand strengthened from R15.95/$ to R15.76 over the past month but it was not enough to offset the average Brent crude oil price increase which rose from $115 a barrel to $115.77.

The crude oil demand in China, after lockdown measures were dropped, as well as a move by the European Union to partially ban oil imports from Russia by the end of the year played a major role in pushing up the prices.

Read also: Notorious Umvoti traffic cop gets four years in jail for corruption

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Government’s extension of the temporary reduction in the general fuel levy has been reduced from R1.50 per litre to 75 cents per litre until 2 August.

The temporary relief will be withdrawn from 3 August.

In Gauteng, a litre of 95 petrol will cost R26.74 from Wednesday. This is 54% more than a year ago, when it cost R17.39.

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