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Prepare for fuel price increase

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fuel price increase

Cash strapped consumers will need to dig deeper into their already-empty pockets as the fuel price is set to increase by 5 cents per litre.

The Department of Mineral Resources and Energy (DMRE) has announced the increase in both grades of 93 (ULP and LRP) 95 (ULP and LRP).

This increase means that a litre of 95 ULP in Gauteng, which currently costs R15.12, will now cost R15.17 per litre.

Meanwhile, both grades of diesel (0.05% Sulphur) and diesel (0.005% Sulphur) will increase by 45 cents a litre.

The price of illuminating paraffin (wholesale) will increase by 39 cents.

The price of illuminating paraffin (SMNRP) will increase by 52 cents, while the Maximum Retail Price for LPGAS will decrease by 4 cents per kilogram.

The DMRE said that the main reasons for the increase were due to the Rand/US Dollar exchange rate as well as the increase in prices of crude oil and petroleum products prices.

The Automobile Association (AA) said global oil prices strode higher during July, setting the stage for fuel price increases in August.

"Oil traded in a fairly tight range throughout July, but it was a substantial climb at the beginning of the month, plus some recent volatility, that combined to push prices higher," said the AA. 

This increase comes into effect at midnight on Tuesday.

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