The Department of Mineral Resources and Energy has recently announced that adjustments to fuel prices will soon be implemented for the last month of 2022.
These upcoming adjustments will see petrol prices increasing just before South Africa kicks off its festive season, but diesel users can breathe a sigh of relief as they'll be experiencing decreases in prices.
South Africans have been feeling a pinch to their finances for quite some time now, as consumer inflation accelerated to a 13 year record high. Not only have fuel prices increased, but the cost of living overall has resulted in consumers taking continuous financial hits.
South Africa’s fuel prices are adjusted on a monthly basis, informed by international and local factors, which include importing both crude oil and finished products from the country, at a price set at the international level, including importation costs, such as the cost of shipping.
According to the Department, motorists can expect a litre of petrol (both 93 and 95 ULP & LRP) to be 59 cents more expensive, while diesel users of 0.05% sulphur and 0.005% sulphur can expect to pay 157.19 cents and 152.19 cents less per litre, respectively.
The Minister of Mineral Resources and Energy, Mr Gwede Mantashe, says the main reasons behind these adjustments to fuel prices are the fall in oil prices from $90.79 to $88.77 during the period under review, the movement in international refined petroleum products (particularly diesel and illuminating paraffin), as well as the stronger Rand to the Dollar over the period and the implementation of the slate levy.
“The stronger rand led to lower contributions to the basic fuel prices of petrol, diesel and illuminating paraffin by 40.31 c/l, 48.94 c/l and 48.98 c/l respectively," reads the Department of Energy's statement.
Other fuel price adjustments (aside from adjustments to petrol and diesel prices) include:
- Illuminating paraffin (IP) – wholesale price down 57.33 c per litre
- Single maximum national retail price for IP – down 76c per litre
- Maximum LP gas retail price – up 95c per kilogram
The fuel price adjustments can be expected to take effect on Wednesday, 7 December, 2022.
