Petrol, diesel prices to increase on Wednesday

Motorists will feel the pinch at the pumps this month following Minister of Mineral Resources and Energy Gwede Mantashe’s announcement of the adjusted fuel prices.

The price of 93 unleaded and leaded petrol will increase by 29c/l, while 95 unleaded and leaded petrol will see an increase of 26c/l.

Diesel prices will go up by 42c/l for 0.05% sulphur and 41c/l for 0.005% sulphur, with effect from Wednesday.

Based on current local and international factors, the fuel prices for July 2021 will be adjusted as follows:

• Petrol (both 93 ULP and LRP): twenty nine cents per litre (29.00 c/l) increase
• Petrol (both 95 ULP and LRP): twenty six cents per litre (26.00 c/l) increase;
• Diesel (0.05% sulphur): forty two cents per litre (42.00 c/l) increase;
• Diesel (0.005% sulphur): forty one cents per litre (41.00 c/l) increase;
• Illuminating Paraffin (wholesale): thirty six cents per litre (36.00 c/l) increase;
• SMNRP for IP: forty eight cents per litre (48.00 c/l) increase;
• Maximum LPGas Retail Price: sixty three cents per kilogram (63.00 c/kg)
  increase;

According to the department, the country’s fuel prices are informed by international and local factors, including the fact that South Africa imports both crude oil and finished products at a price set at the international level, including importation costs.

The average brent crude oil price increased from 66.00USD to 73.00USD per barrel during the period under review.

“The higher oil prices are mainly due inventory decline as reported by the International Energy Agency and concerns about the spread of the latest coronavirus variant globally.”

The movement in international refined petroleum product prices followed the
increasing trend in crude oil prices, said the department.

“This led to higher contributions to the Basic Fuel Price of petrol by 36.74 c/l and 39.81 c/l, diesel by 52.33 c/l and 51.63 c/l and illuminating paraffin by 45.76 c/l.”

The Rand also appreciated slightly, on average, against the US Dollar (from 14.11 to 13.92 Rand per USD) during the period under review when compared to the previous one, added the department.

“This led to lower contributions to the Basic Fuel Prices of petrol, diesel and illuminating paraffin by about 10.00 cents per litre.”