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Tuesday, July 16, 2024

More cents for a litre of petrol

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Motorists will have to fork out 12c more for a litre for all grades of petrol come Wednesday, the Department of Energy said in a statement.

The price of diesel will however dip by 1c/litre for 0.05% sulphur and 2c/l for 0.005% sulphur.

The price of illuminating paraffin (SMNRP) will decrease by 9c/l and that of Liquefied Petroleum Gas (LPG) by 5c/kg.

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The main reasons for the fuel price adjustments are the average increase in the prices of petroleum products in the international markets (about 40c/l for petrol and 20c/l for diesel respectively), and the strengthening of the rand against the US dollar during the period under review.

These factors cushioned the price adjustments by over 25c/l, according to the DoE.

The department said the prices of petrol increased more significantly than the prices of diesel due to higher demand for petrol in the US and Europe as they move towards their summer season.

According to the Automobile Association (AA) the exchange rate showed a creditable strengthening during April.

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“With a flat oil price, consumers could have expected the price of fuel to drop by up to 29 cents a litre.”

The AA forecast a steady rise in the price of fuel in South Africa in the short to medium term, with the possibility of larger spikes if the rand comes under pressure.

The latest hike adds to the 88c/l and 86c/l increase respectively for petrol 95 (both ULP & LRP) and 93 (both ULP & LRP) in April.

From Wednesday the cost of a litre of 93 unleaded petrol inland will be R12.44/l and R12.06/l at the coast. For 95 unleaded, motorists will fork out R12.74/l and R12.26/l at the reef and coast respectively.

Last month’s price hike included a 30c/l increase in the general fuel levy, as well as adjustments in transportation costs following the National Energy Regulator of South Africa‚Äôs approved pipeline tariff increase and the road transportation tariff hike obtained from the Road Freight Association.

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source; news24

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