Gasoline and diesel prices will rise on Wednesday as oil has become more expensive due to higher Chinese demand.
Unleaded gasoline (both 93 and 95) will rise by 28 cents per liter, while diesel will do so between less than one cent and about 9 cents per liter.
Paraffin will increase by 58 cents per liter and the maximum retail price for LP gas will fall by R1.40 per kilo.
The latest price rises will take Gauteng’s petrol to R21.68 a liter, from R20.14 a year ago. Petrol peaked at R26.74 in July this year.
Gauteng diesel will go up to R21.32 per liter, from R18.04 in February 2022. Diesel was close to R25.50 in November last year.
Fuel prices are generally adjusted on the first Wednesday of a month and are determined by the price of oil and international fuel prices and the rand-dollar exchange rate.
The Department of Mineral Resources and Energy said the average price of Brent oil increased from $85.08 a barrel to $86.16 over the past month due to the reopening of the Chinese economy after strict lockdowns. A stronger rand could not prevent increases in the price of fuel.
“The movement of 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.
Earlier this month, the Automobile Association (AA) warned the government against raising fuel taxes in its budget speech in Parliament next month.
“Consumers simply cannot afford any more price shocks, and considering the impending 18.65% increase in electricity rates [which will take effect in April]an increase in taxes will deal a serious blow to personal finances,” says the AA.
“[Increases] two fuel levies will be counterproductive, ill-timed, and have disastrous results for millions of people already struggling to make ends meet.”
