Motorists brace for fuel hike

2011-02-25 11:56

The retail price of all grades of petrol will increase by 41 cents a litre on Wednesday, the energy department said today.

This means that the retail price of petrol 93 ULP (unleaded petrol) and LRP (lead replacement petrol) as well as Petrol 95 ULP & LRP would increase by 41 cents a litre.

The price of diesel with a 0.05% sulphur content would increase by 62 cents a litre. The price of diesel with a 0.005% sulphur content would increase by 61 cents a litre.

The wholesale price of illuminating paraffin would increase by 68 cents a litre.

The single maximum national retail price for illuminating paraffin would increase by 90 cents a litre.

The department said the “sharp” fuel price increases were a result of the sharp increase in international crude oil prices.

During the review period, from January 28 to February 24, the price of Brent crude oil increased by $14 per barrel to $110.0 per barrel.

“This increase in international crude oil prices mainly culminates from the current political turmoil in the Middle East and North Africa which has a severe impact on crude oil supplies,” the department said.

The increase in the prices of diesel and illuminating paraffin was due to the high demand for heating fuels in the US and Europe.

This had led to substantially higher anticipated increases in the prices of diesel and illuminating paraffin compared to that of petrol.

The value of the rand had deteriorated sharply against the US dollar, which had also contributed to the fuel price increase.

“This weakening of the value of the rand against the US dollar contributed to about 26.0 cents per litre in the anticipated fuel price increases.”

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