On Tuesday the Minister of Mineral Resources and Energy, Gwede Mantashe, announced the adjustment of fuel prices given the changes in local and international factors.
The following price adjustments were announced:
- Petrol (93 ULP and LRP): increased by sixty-five cents per litre (65.00 c/l)
- Petrol (95 ULP and LRP): increased by sixty-five cents per litre (65.00 c/)
- Diesel (0.05% sulphur):increased by fifty four cents per litre (54.00 c/l)
- Diesel (0.005% sulphur): increased fifty-six cents per litre (56.00 c/l)
- Illuminating Paraffin: increased by forty-seven cents per litre (47.00 c/l)
- SMNRP for IP: increased by sixty-three cents per litre (63.00 c/l) increase
- Maximum LPGas Retail Price: increased by eighty-seven cents per kilogram (87.00 c/kg)
Mantashe attributes these price adjustments to the appreciation of the Rand against the US Dollar, the increase in the Brent Crude oil price and the increase in the international prices of petrol, diesel and illuminating paraffin.
“The international oil price seems unstoppable. We are in an eight-week streak of price climbs with no sign yet of a ceiling,” the Automobile Association says on the unaudited month-end fuel price data released by the Central Energy Fund.
“Until oil supply and demand settle into stability, more hikes are likely. And, we cannot forget that April will already start with a significant addition of 26 cents a litre to fuel prices because of increases to the General Fuel and Road Accident Fund levies – inflicting further blows to already battered South African consumers,” the AA says.
The price adjustments will be effective from Wednesday, 3 March.