Last month the Automobile Association (AA) predicted that the price of fuel could increase by as much as 99c per litre, unfortunately, the increase is much higher than predicted.
The Department of Mineral Resources and Energy announced that petrol will increase by R1.21c per litre at midnight on 3 November 2021. The news is worse for people who use Diesel as they will have to fork out an extra R1.48c per litre.
Here is the full list of price adjustments
Petrol 93 and 95: increase of 121 cents per litre (Both Unleaded and Lead Replacement).
Diesel 0.05%: increase of 148 cents per litre.
Diesel 0.005%: increase of 148 cents per litre.
Illuminating Paraffin: increase by 145 cents per litre.
SMNRP for IP:193 cents per litre
Maximum LPGas Retail Price: 290 cents per kilogram
These increases mean that the price of petrol in Gauteng is 39.47% more expensive than 11 months ago, while people on the coast are paying 40% more for petrol than they did over the same time period. The price of paraffin is 30% more expensive than it was at the beginning of the year.
The Department says the increases are due to the weakening rand to dollar exchange rate along with the increase in the price of Brent Crude Oil. The rand depreciated from R14.56c to R14.72c against the dollar while the price of Brent Crude Oil increased from 75.50USD to 83.40USD per barrel. The slate levy also increased by R2.2c.
The AA described the increase in the price of fuel as disastrous. They warn that the price of fuel will cause inflation on essential goods to increase which will impact all South Africans. They say the elements that make up the price of fuel must be evaluated to determine if they are necessary.