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News24 Business reports that petrol prices will increase by 29c a litre on Wednesday, with large hikes in diesel as well. The price of 95 octane petrol will increase to R21.41 per litre in Gauteng and R20.58 at the coast.
The wholesale price of diesel with 0.05% sulphur will increase to R19.79 per litre in Gauteng and R18.96 at the coast. Illuminating paraffin’s wholesale price will be hiked by almost 75c a litre on Wednesday, while the maximum LPGas retail price will increase by 24c/kg, with a 9c/kg increase in the Western Cape.
Local fuel prices are determined in part by the cost of oil and the rand-dollar exchange rate, as oil is priced in dollar. However, as large local fuel refineries have shut down, imports of refined fuels into SA have surged in recent years, with international petrol and diesel prices playing a large role in determining local prices. The Department of Mineral Resources and Energy explained that international petrol and diesel prices increased due to unplanned refinery outages in the northern hemisphere, which resulted in higher refinery margins.
- Read the original of the short report in the above regard at News24 Business (subscription / trial registration required)
- See too, Here are the official fuel prices for December, at BusinessTech
Get other news reports at the SA LabourNews home page