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Tuesday, July 23, 2024

Petrol, diesel prices to rise sharply at midnight

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Petrol and diesel prices will rise sharply at midnight. From Wednesday motorists will pay R1.72 per litre for both 95 ULP and LRP petrol, while diesel and paraffin prices are also set to rise.

Minister of Mineral Resources and Energy, Gwede Mantashe, released the schedule of new fuel prices on Tuesday. They come into effect from Wednesday morning.

The key contributor to the rise in prices at the pump was an increase in the global oil price.

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Mantashe’s announcement was in line with projections published by the Automobile Association last week.

He announced that, from Wednesday

Petrol (both 93 ULP and LRP) will increase by R1.63/l;
Petrol (both 95 ULP and LRP) will increase by R1.72/l;
Diesel (0.05% sulphur) will increase by R1.73/l;
Diesel (0.005% sulphur) will increase by R1.69/l; and
Illuminating Paraffin (wholesale): will increase by R2.14/l.

Once the changes have come into effect, a litre of 95 octane petrol in Gauteng will cost R15.12 per litre.

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“During the current fuel price review, the average Brent Crude oil price increased from 27.63 USD/barrel to 40.01 USD/barrel,” said Mantashe in a statement. “The main reason for the higher oil prices is that major economies around the world began to ease the coronavirus lockdown measures amid the production cut by OPEC and Russia.”

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