BusinessLive reports that the petrol price will reach a record high when major hikes come into effect on Wednesday.

In a blow to motorists, the central energy fund (CEF) announced that the retail price of 95 octane petrol will rise by 26c a litre and 93 octane by 29c, while the wholesale price of diesel will increase by 41c for low-sulphur 50ppm and by 42c for 500ppm. Illuminating paraffin will increase by 36c/l. Fom 7 July, the inland price of 95 octane petrol will be a record R17.39/l, from a previous high of R17.32/l in April. At the coast, 95-octane petrol will rise to R16.67/l. The hikes are unexpectedly high given that earlier this month and based on unaudited mid-month figures, the Automobile Association forecast a 6c/l decrease for petrol in July and a 20c increase for diesel. Rising oil prices drove the latest increases, which the rand’s appreciation against the dollar was not enough to offset.

• Read the original of the short report in the above regard at BusinessLive
• Read too, Motorists to feel the pinch as petrol and diesel set to increase this week, at Independent Media

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