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Wednesday, July 24, 2024

Record petrol prices from midnight on Wednesday

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Petrol prices hit record figures from midnight on Wednesday. Petrol will reach a high of R16.84 on the coast,and R17.54 inland.

This will be SA’s most expensive fuel price ever following the last record of R17.08 set in the last quarter of 2018.

Minister of Mineral Resources and Energy Gwede Mantashe announced the record fuel price increase last week, with 93 unleaded petrol going up by 95 cents per litre.

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The 95 unleaded petrol will increase by 100 cents per litre, pushing the price up to about R17 per litre.

The Automobile Association had projected an increase of 73 cents per litre.

This is second time in as many months, that consumers have to deal with large fuel price hikes.

According to ENCA, the weak rand against the dollar is being blamed for the rise in prices.

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The blockage in the Suez Canal has also affected the price of crude oil worldwide, the report said. 

The Central Energy Fund (CEF) has since confirmed the price adjustments and pointed out that the R1 increase was inclusive of the 27c that Finance Minister Tito Mboweni announced for Road Accident Fund (RAF) levies, IOL reported on Tuesday.

These levies were charged on both petrol and diesel.

The petrol price last crossed the R17 mark in late 2018 when it reached a high of R17.08.

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