Petrol, diesel prices to rise as global oil price recovers

South African motorists will be paying R1.72 per litre more for the most popular grade of petrol from Wednesday. Prices for diesel and illuminating paraffin are also set to increase. 

Minister of Mineral Resources and Energy, Gwede Mantashe, released the schedule of new fuel prices on Tuesday. They come into effect from Wednesday morning. 

The key contributor to the rise in prices at the pump was an increase in the global oil price.

Mantashe's announcement was in line with projections published by the Automobile Association last week. 

He announced that, from Wednesday 

  • Petrol (both 93 ULP and LRP) will increase by R1.63/l;
  • Petrol (both 95 ULP and LRP) will increase by R1.72/l; 
  • Diesel (0.05% sulphur) will increase by R1.73/l; 
  • Diesel (0.005% sulphur) will increase by R1.69/l; and 
  • Illuminating Paraffin (wholesale): will increase by R2.14/l.

Once the changes have come into effect, a litre of 95 octane petrol in Gauteng will cost R15.12 per litre. 

"During the current fuel price review, the average Brent Crude oil price increased from 27.63 USD/barrel to 40.01 USD/barrel," said Mantashe in a statement.  "The main reason for the higher oil prices is that major economies around the world began to ease the coronavirus lockdown measures amid the production cut by OPEC and Russia."

- Compiled by Jan Cronje

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