BusinessLive reports that petrol will cost over R20 a litre when fuel price hikes are implemented on Wednesday.

Both grades of petrol will increase by 81c to bring the retail price of 95 unleaded to R20.35/l and 93-unleaded to 20.13/l in Gauteng. These are new record highs in a year that has seen a series of fuel price hikes. It will now cost R1,017.50 to fill a 50l tank compared with R743 in January when a litre of 95 unleaded cost R14.86. Diesel will now cost R17.92/l (high-sulphur) and R17.98/l (low-sulphur). The Central Energy Fund attributed the increases to the rising oil price and the weakened rand during the period under review. In addition the minister of mineral resources and energy has approved a net increase of 17.84c/l in the annual margin adjustments on petrol and a net increase of 8.20c/l on diesel and illuminating paraffin wholesale prices. A slate levy of 41.66c/l — an increase of 26.3c/l — is also being implemented for petrol and diesel with effect from 1 December. This is in line with the provisions of the self-adjusting slate levy mechanism, which saw the combined cumulative petrol and diesel slate balances at the end of October 2021 amounting to a negative balance of R4.689bn.

• Read the full original of the report in the above regard by Denis Droppa at BusinessLive

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