As of Wednesday, the price of 93 and 95 unleaded gasoline will rise 28 cents per liter while diesel (0.05% sulfur) will rise 9.16 cents per liter.
South African fuel prices are influenced by world oil prices and the rand exchange rate because the country imports both crude oil and finished products, which are priced in US dollars.
The mineral resources and energy department said in a statement Tuesday that gasoline prices were rising because the cost of crude oil increased from $85.08 a barrel to $86.16 during the period under review, the main factor being taxpayer the reopening of the Chinese. economy. The Asian giant is one of the largest oil consumers in the world.
“The movement in the international prices of refined petroleum products, diesel, gasoline and lighting paraffins in particular, followed the upward trend of crude oil prices, while LP Gas prices decreased due to lower propane and gas prices. butane during the period under review,” the department said. saying.
The latest price rises will push the price of gasoline in Gauteng to around R21.68 a liter from Wednesday. The wholesale price of paraffin will also rise by 58 cents per liter.
The Automobile Association (AA) had forecast a rise in the price of gasoline from 52 cents to 57 cents a liter and increases of 22 cents and 33 cents a liter for diesel.
“The data shows that international petroleum product price increases are the main driver of this expected increase in local fuel prices. Any increase in fuel prices now, at a time when South Africans are grappling with, among other problems, financial pressures and ongoing blackouts is unwelcome,” the AA said in a note.
“We want to again urge the government to review the fuel price structure with a view to finding ways to mitigate this and other potential increases in the future.”
The association urged Finance Minister Enoch Godongwana, who will present the budget in parliament next month, not to raise fuel taxes.
“Consumers simply cannot afford any more price shocks, and considering the impending 18.65% increase in electricity rates, an increase in levies will deal a serious blow to personal finances,” the AA said.
Power regulator Nersa approved the power rate increase for April 1.
“Consumers continue to be extremely under siege and increases to both fuel taxes will be counterproductive, ill-timed and have disastrous results for millions of people already struggling to make ends meet,” the AA said.
