Petrol price hike set for Wednesday
The main reason for the fuel price adjustments was due to the contribution of the Rand/US Dollar exchange rate.
THE price of all grades of petrol and diesel will increase on Wednesday, 5 October, the Department of Energy announced. The department said, based on current local and international factors, the price of petrol (93 ULP and LRP) will increase by 44 cents per litre; petrol (95 ULP and LRP) will increase by 43 cents per litre and diesel will increase by 23 cents per litre.
The main reason for the fuel price adjustments was due to the contribution of the Rand/US Dollar exchange rate.
The fuel price adjustments were also due to the increases in the prices of petrol, diesel and illuminating paraffin, on average, in the international markets during the period under review.
The third factor influencing the fuel price adjustments was the increase in the prices of crude oil, on average, during the period under review.
“A key factor that contributed to the increase in the prices of crude oil was the sharp fall in US crude stocks which pushed the prices up ahead of an oil producers meeting in Algeria, which was planned to take place on 28 September 2016 and speculation of a production freeze,” the department said.
