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Fin24 reports that on Wednesday, the petrol price (both 93 and 95 unleaded) will be hiked by R1.71 a litre, while the wholesale price of diesel will be increased by a painful R2.84 a litre.
According to the Automobile Association (AA), this is a record price increase. Illuminating paraffin prices will be hiked by R2.78 a litre. A litre of 95 unleaded petrol will cost R24.54 in Gauteng, the highest level since August 2022. Meanwhile, the wholesale price of diesel in Gauteng will be R23.05 a litre, a new high for 2023. In July last year, diesel reached a record high of R25.40. South African fuel prices are largely determined by international oil costs and the rand exchange rate, as oil is priced in dollars. In a statement, the Department of Mineral Resources and Energy said the average Brent crude oil price increased from $79.75 a barrel to $84.78 over the past month due to production cuts by Saudi Arabia. The average level of the rand-dollar exchange rate declined from R18.28 to R18.67 over the past month.
- Read the full original of the report in the above regard at Fin24
- Read too, Petrol price hikes in September worse than feared, at BusinessLive
- En ook, Dramatiese verhoging in brandstofpryse: ‘Verbruikers uitgelewer’, by Maroela Media
Get other news reports at the SA Labour News home page