Massive petrol price hike for New Year

Cape Town - South Africans will be hit hard at the pumps with petrol and diesel going up by up to 50 cents a litre, the Department of Energy has announced late on Thursday. 

The retail price of petrol (93 octane) will increase by 50c/l and that of 95 octane by 48c/l.

The wholesale price of diesel (0.05% sulphur and 0.005% sulphur) will go up by 39c/l and 39c/l respectively, while the wholesale price of illuminating paraffin will rise by 43c/l.

The Department of Energy said the economic factors which impacted fuel prices included an increase in the average international product prices of petrol, diesel and illuminating paraffin.

INFOGRAPHIC: Tracking the petrol price in 2016

"The rand appreciated against the US dollar during the period under review, on average, when compared to the previous period. The average rand/US dollar exchange rate for the period 02 December 2016 to 28 December 2016 was 13.8704 compared to 13.9125 during the previous period," it said in a statement.

The Automobile Association (AA) warned on Thursday morning of a series of fuel price hikes in the new year.

It advised motorists to review their energy use and commuting patterns, and consider alternatives to single-occupant vehicle use, such as car-pooling.

In December the price of both grades of petrol dropped by 20c a litre, while diesel decreased by 32c a litre.

The wholesale price of illuminating paraffin fell by 28c per litre, while the single maximum national retail price of illuminating paraffin (SMNRP) came down by 38c.

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