By kaya 959 News
Cash-strapped and stressed-out consumers have one more thing to fret over.
From Wednesday, motorists will have to pay 29c more per litre for petrol while a litre of diesel will cost around 42c more.
The Department of Mineral Resources and Energy confirmed that the fuel price adjustments are based on current local and international factors.
“International factors include the fact that SA imports both crude oil and finished products at a set price at the international level, which includes shipping costs,” it said.
The higher oil prices are mainly due to inventory decline as reported by the International Energy Agency and concerns about the latest COVID variant spread.
However, the market is optimistic that the Organisation of the Petroleum Exporting Countries (OPEC) may decide to ease oil production cuts during its next meeting.
The department said the movement in international refined petroleum product prices following the increasing trend in crude oil prices.
“This led to higher contributions to the Basic Fuel Price of petrol by 36.74c/l and 39.81c/l, diesel by 52.33c/l and 52.33c/l and 51.63c/l and illuminating paraffin by 47.76c/l,” it said.
Rand-Dollar exchange rate
Another factor that influences the petrol price is the Rand-Dollar exchange rate.
The department said the Rand appreciated slightly against the US Dollar during the period under review when compared to the previous one.
“This led to lower contributions to the Basic Fuel Prices of petrol, diesel and illuminating paraffin by about 10.00c per litre,” the department explained.
Adjusted price list:
– Petrol (both 93 ULP and LRP) 29c increase
– Petrol (both 95ULP and LRP) 26c increase
– Diesel (0.05% sulphur) 42c increase
– Diesel (0.005% sulphur) 41c increase
– Illuminating Paraffin (wholesale) 36c increase
– SMNRP for IP 48c increase
– Maximum LPGas Retail Price 63c increase