South Africa’s rising fuel price woes

2018-10-11 06:00

MOTORISTS will have to dig deeper into their pockets after the Department of Energy announced yet another fuel price increase that came into effect yesterday, October 3. The department said the adjustment of fuel prices is based on “current international factors”.

From Tuesday at midnight, both grades of petrol and diesel increased to around R15.65 a litre.

According to a statement sent by the department, petrol increased by 99c, diesel by R1.24 and paraffin by R1.00 per litre.

The department said in a statement: “South Africa’s fuel prices are adjusted on a monthly basis, informed by international and local factors.

“International factors include the fact that South Africa imports both crude oil and finished products at a price set at the international level, including importation costs, e.g. shipping costs.”

The department said the main reasons for fuel price adjustment is due to the contribution of the rand/US dollar exchange rate, increase in the prices crude oil and import prices of petroleum products.

“The international prices of petroleum products increased on average during the period under review. This was in line with the higher crude oil prices and the weaker rand against the US dollar,” said the statement.

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