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Oil cushions motorists from bigger petrol price hike

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(iStock)
(iStock)

Cape Town -  The Department of Energy on Friday announced that the pump price of all grades of petrol will increase by 6c/l with effect from 3 February 2016.

The increase is mainly due to tightness in the market because some major refineries in the US were on unplanned shutdown, the department said, adding that the weakening of the rand against the US dollar contributed massively to the current fuel price adjustment.

The Automobile Association said it was only oil's ongoing lower price that protected South African motorists against the rand rout.

If the rate had held to its January 1 level, petrol would have dropped by up to 43c a litre.

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