Petrol and diesel prices to increase from Wednesday

Mineral Resources and Energy Minister Gwede Mantashe on Saturday announced the adjustment of fuel prices based on current local and international factors, with effect from Wednesday, 2 March 2022.

The fuel prices for March will be adjusted as follows:

 The price of petrol (both 93 and 95 ULP & LRP) will increase by R1.46/l, diesel (0.05% sulphur) by R1.44/l, diesel (0.005% sulphur) by R1.48/l, illuminating paraffin (wholesale) by R1.21/l, and the maximum LPGas retail price by 70 cents/kg.

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Mantashe said the rising crude oil prices were due to the escalating crisis between Russia and Ukraine, which led to a surge in crude oil prices amid supply fears.

“Subsequent sanctions on Russia by the USA and UK have contributed to the increase in crude oil prices.

“The Organisation of Petroleum Exporting Countries (OPEC) and non-OPEC members are still not meeting production targets agreed leading to lower supplies of crude oil and an increase in prices,” a statement from the Department of Mineral Resources and Energy said.

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