Consumers are in for a shock at the pumps – as the petrol price is set to rise by between 99 cents and a Rand as of Wednesday (03 October 2018).
The Department of Energy (DoE) announced that a litre of petrol 93 will rise by 99 cents while that of 95 will increase by R1.
Diesel will increase by a whopping R1.24 a litre.
The price of Illuminating Paraffin (wholesale) will rise by R1.04 cents a litre while that of Illuminating Paraffin (SMNRP) will increase by R1.39 cents per litre.
For the month under review, the department said the rand depreciated on average against the US Dollar, adding that the current fuel adjustments are due to international factors.
“The international prices of petroleum products increased on average during the period under review. This was in line with the higher crude oil prices and the weaker Rand against the US Dollar.
“The current fuel price adjustments are due mainly to the international factors, namely, the weaker Rand and higher crude oil prices.
Geopolitical tensions are having a very negative impact on crude oil prices and consequently refined product prices globally,” said the department.
In its statement ahead of the release of the petrol price last week, the Automobile Association (AA) said the petrol price hike would be the biggest seen in the country’s history.
“They are the biggest in South African history.
We estimate this increase could extract a further R2.5 billion a month in transport costs from the economy,” said the AA on Thursday.