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Petrol price to increase on Wednesday

Consumers are in for a shock at the pumps as the price of petrol is set to increase by 74 cents a litre from Wednesday.

The Department of Energy on Monday announced fuel hikes of 74 cents a litre for both grades of petrol 93 (ULP and LRP) and 95 (ULP and LRP).

In its statement, the department also announced increases for Diesel 0.05% sulphur by 91 cent, while Diesel 0.005% sulphur is scheduled to go up by 93 cents a litre.

As of Wednesday, a litre of 95 ULP will now cost motorists in Gauteng R14.82, up from the R14.08 a litre in February.

This is the second hike in the petrol price since December 2018.

Meanwhile, the price of Illuminating Paraffin (wholesale) will increase by 76 cents in the wholesale price, while the price of Illuminating Paraffin (SMNRP) will increase by R1.02 cents.

The Maximum Retail Price for LPGAS will go up by R1.01 cents a kilogram.

The department said the average international product prices for petrol, diesel and illuminating paraffin increased during the period under review.

Crude oil increases were also responsible for the price hike.

“The current fuel price adjustments are due mainly to international factors, namely, the increase in crude oil prices.

“As had been predicted last year, OPEC [Organization of the Petroleum Exporting Countries] is determined to support higher crude oil prices by reducing production. They are achieving their objective due to the support by other non-OPEC producers,” said the department.

 

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