The petrol price for both 93 and 95 ULP and LRP will increase by 53 cents a litre on Wednesday, the Department of Mineral Resources and Energy announced.
This follows a slight breather of 71c and 68c respectively last month due to lower oil prices. But oil prices have since soared to last trade at $91.06 a barrel. In the period under review the average Brent crude oil price increased from $76 to $87amid supply constraints and as higher vaccination rates, less stringent lockdowns and a renewed appetite for travel led to a continued increase in demand for oil.
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, according to the DMRE.
At the same time the rand appreciated slightly, on average, against the US Dollar – from R15.92 to R15.51 in the overview period, which led to lower contributions to the Basic Fuel Prices of petrol, diesel and illuminating paraffin by 25.98c/l, 26.24c/l and 26.19c/l respectively.
Boiling oil prices have helped push the inland pump price of petrol up by R5.43 a litre in 2021. Gautengers will from Wednesday pay out R20.82 for a litre of petrol.
Diesel (0.05% sulphur) will be 79.84c more expensive per litre, while diesel (0.005% sulphur) will cost 78.84c/l more. The price of illuminating paraffin (wholesale) will increase by 101.00c/l and SMNRP for IPby 135.00c/l, while the maximum LP gas retail price will come down by 124.00c/kg.
