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More painful petrol, diesel hikes in South Africa

by Staff reporter
03 Oct 2023 at 14:27hrs | Views
Motorists can expect hikes of over R1 for all grades of fuel from Wednesday.

The unleaded petrol price (95) will be hiked by R1.14 a litre, while 93 will be increased by R1.08. Diesel (0.05% sulphur) will be hiked R1.96 a litre, while 0.005% sulphur will jump by R1.96, the department of mineral resources and energy announced on Tuesday.

A litre of 95 unleaded petrol will now cost R25.68 in Gauteng, while the wholesale price of diesel in Gauteng will now be R25.01 a litre, a new high for 2023. In July last year, diesel reached a record high of R25.40.

Illuminating paraffin will see a R1.51 a litre increase.

South African fuel prices are determined mainly by international oil costs and the rand-dollar exchange rate, as oil is priced in dollars.

The department said in its statement that the main reasons behind the increase were crude oil prices, which jumped from $87.78 to $91.86 in the period, refinery shutdowns in the US, global diesel shortages, and the rand's depreciation against the dollar, from R18.67 to R19. A slate levy of 30c will also be implemented on Wednesday.

The Automobile Association (AA) recently expressed concern over the escalating prices.

"These increases are going to hit all consumers hard, and they come at a time when most South Africans are feeling extreme financial pressure," it said.

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Source - news24
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