Petrol and diesel prices to go up at midnight
Motorists will have to dig deeper into their pockets as all grades of petrol are due to increase tomorrow.
MOTORISTS will have to start budgeting early for a string of fuel price hikes which begins at midnight tonight. The Department of Energy announced that a litre of petrol 93 ULP and LRP will rise by 50 cents a litre, while a litre of 95 ULP and LRP will increase by 48 cents. Meanwhile, a litre of Diesel will increase by 39 cents.
According to the Department of Energy, the Rand/US Dollar exchange rate contributed to the increase of the petrol price.
“The Rand strengthened very slightly against the US Dollar from R13.91 to R13.87, on average, during the period under review when compared to the previous one.”
“In addition, the key factor that contributed to the increase in the prices of crude oil was the fact that OPEC members agreed to cut production by 1.2 million barrels per from 1 January 2017 during their meeting that was held in Vienna, Austria last year,” the department said.
