Heavy fuel hikes affect motorists’ pockets
South Africans to feel the pinch of yet another fuel hike.
MOTORISTS should brace themselves for more fuel hike pains as petrol prices – both 93ULP and 95LRD, have increased by 75% a litre.
The adjusted fuel prices came into effect at midnight on February 6.
The fuel hike will put more strain on the disadvantaged communities still trying to recover from financial constraints and festive season spending.
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Diesel 0,05% Sulphur has gone up by 73% a litre while diesel 0,005% Sulphur increased by 70% per litre. Illuminating paraffin increased by 53 cents a litre.
On Tuesday, the Department of Energy Resources and Energy released the adjustment of fuel prices based on the current local and international factors after Minister Gwede Mantashe announced the adjustment of fuel prices for all grades of fuel, illuminating paraffin and gas early this week.
In a media statement, the department said South Africa’s fuel prices are adjusted on a monthly basis, informed by international and local factors.
“International factors include the fact that South Africa imports both crude oil and finished products at a price set at the international level, including importation costs, such as shipping costs,” the statement read.
In November last year, South Africans felt relieved after petrol ULP95 decreased by R1.97 cents a litre and R1.92/l for ULP93. Again in December, petrol prices (both 93ULP and 95LRP) decreased by 65 cents a litre.
The main reasons for the fuel price adjustments are due to:
- The average Brent Crude oil price increased from 77.35 US Dollars (USD) to 82.03 USD during the period under review.
- The average international product prices of petrol, diesel and illuminating paraffin increased in line with the higher crude oil prices.
- The rand depreciated slightly on average against the US Dollar, from R18.66 to R18.77 per USD, during the period under review when compared to the previous one. Also, the cumulative slate balance on petrol and diesel at the end of December 2023 had a positive balance of R1.1 million.
- The cumulative slate balance on petrol and diesel at the end of December 2023 had a positive balance of R1.1 million.
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