Fuel price hike announced for Wednesday

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On Wednesday, the petrol price (both 93 and 95) will be hiked by 53c a litre, while diesel prices will increase by between 79c and 80c.

Illuminating paraffin price will be hiked by R1.01 a litre, while the maximum LPGas retail price will be lowered by R1.24.

Local fuel prices are determined by international oil prices - as well as the dollar-rand value, as South Africa buys oil in dollars.

Brent crude oil grew more expensive over the past month, pushing local fuel prices higher. Oil prices increased as a result of stronger global demand, also in the travel sector, as well as constrained supplies.

"Concerns regarding the tension between Russia and Ukraine have also affected crude oil prices negatively as the area is a crucial oil and gas infrastructure hub," Minister of Mineral Resources and Energy Gwede Mantashe said in a statement.

The rand strengthened somewhat against the dollar over the past month, which helped to limit the impact of the oil price.

At the start of January, petrol prices were lowered by between 68c and 71c a litre.

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