Fuel price: Consumers to feel the pinch at the pumps in August

From 4 August, South Africa’s petrol prices will be increasing once again, which the Department of Mineral Resources and Energy (DMRE) said was owed to “international and local factors”. 

Brent crude oil prices increased from $73 to $74 per barrel, with a decline in inventories reaching nearly 54 million barrels. As a result, oil prices increased in July. 

Brent crude oil price increases resulted in basic fuel prices of petrol shooting up by 48.29 cents per litre, diesel by 16.37 cents per litre, and illuminating paraffin by 17.76 cents per litre. 

To add insult to injury, the Rand weakened against the US Dollar, from R13.92 to R14.54.

This meant higher fuel prices of petrol, diesel and illuminating paraffin by 43.73 c/l, 32.37 c/l and 31.42 c/l respectively. 

The DMRE’s self-adjusting slate mechanism rules will also add a 6.58 cent per litre levy on petrol and diesel. 

Earlier this week, the Central Energy Fund predicted an 80 cent per litre increase for petrol 95, a 76 cent per litre increase for petrol 93, and a 47 cent per litre increase for diesel. Paraffin was predicted to increase by 47 cents. 

Here are the fuel prices for August: 

• Petrol: 91 cents per litre increase;

• Diesel: 55.58 cent per litre increase;

• Illuminating paraffin: 50 cents per litre increase; and

• LPGas: R2.26 per kilogram increase.

A comparison between different countries can be viewed here.