Major increase in fuel price for festive season

The cost of fuel is set to go up significantly by tomorrow (Wednesday), the Department of Energy announced yesterday.

Petrol (both 93 and 95) will increase by 71 cents per litre while diesel will rise by 60.3 cents and 57.3 cents per litre for 0.05% sulphur and 0.005% sulphur grades respectively.

According to departmental spokesperson Lerato Ntsoko, the main reasons for the increase were the weaker rand/US dollar exchange rate, the increase in the average Brent crude oil price, and the annual margin adjustments on petrol by the minister of Energy.

Reserve Bank Governor Lesetja Kganyago previously noted that the combination of a weaker exchange rate and higher product prices had resulted in a cumulative increase in domestic petrol prices by R1 per litre since September.

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