Fuel: prices likely to rise

2010-11-18 00:00

MOTORISTS are unlikely to receive a festive season present at the fuel pumps: the likelihood of a petrol price increase next month looms large on the horizon.

A petrol price increase on December 1 would be the third one in a run after hikes in October and November.

According to the latest update of the basic fuel price, the price of petrol (95 ULP Coast) is likely to rise by as much as 13 cents per litre in December

This is the result of an under-recovery on the price of petrol, attributed to rising prices caused by northern hemisphere demand.

Under-recovery essentially means that fuel users are paying too little for a fuel product on that day.

The price of 95 ULP petrol is now more than R8 per litre, while the wholesale price of diesel (coastal) ranges from about R7,32 to R7,37 per litre.

The price of diesel could rise by as much as 16 cents per litre in December.

 

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