Home South African Fuel price to increase by at least 28c on Wednesday

Fuel price to increase by at least 28c on Wednesday

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Mantashe said if the fuel levy was not reduced last week, both petrol and diesel would have been close to R2.00 per litre and over R3.00 per litre

REUTERS/Luke MacGregor

MINERAL Resources and Energy Minister Gwede Mantashe announced an adjustment to fuel prices, with the price of the lowest graded petrol to increase by at least 28c.

The fuel price increase has been cushioned by the government’s temporary R1.50 reduction in the general fuel levy, which was announced by Finance Minister Enoch Godongwana last week.

The reduction in the general fuel levy wilI be in place until May 31.

According to Mantashe, the reprieve would bring much-needed relief to motorists, “because it will cushion the high fuel price increases that were anticipated this month as a result of the global factors.”

He said without intervention the increases for petrol and diesel would have been close to R2 per litre and over R3 per litre respectively.

In a statement, Mantashe gave reasons for the fuel hike, such as the continued sanctions imposed on Russia, despite Russia’s discounted crude oil prices.

“This is disrupting energy flows as Russia is one of the biggest global exporters of oil.”

Another reason was attributed to Opec and Non-Opec members limiting fuel supply, even though demand has been increasing globally due to relaxed Covid-19 restrictions.

According to the department, this had been ongoing even before the Russia/Ukraine conflict began.

He said Yemeni rebels attacked storage facilities in Saudi Arabia, resulting in supply disruptions.

The new prices are as follows:

*Petrol – (both 93 ULP and LRP) – up 28 cents per litre (c/l).

*Petrol (both 95 ULP and LRP) – up 36 c/l.

*Diesel (0.05% sulphur) – up 152.56 c/l.

*Diesel (0.005% sulphur) – up 168.56 c/l.

*Illuminating paraffin (wholesale) – up 266.00 c/l.

*Single maximum national retail price for LP gas – up 355.00 c/l.

*Maximum LP gas retail price – up 250.00c/l.

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