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Petrol price hits another high with 1c/l increase from Wednesday

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Petrol - [Google Images] Petrol - [Google Images]

Motorists who drive petrol-fuelled cars will have to pay 1c more a litre from midnight on Wednesday, when the price of both grades of unleaded 93 and 95 octane will hit a new record high.

This was due to a slight under-recovery during the period under review, which saw rand depreciation, but declining international fuel prices, the Central Energy Fund said on Monday.

The rand weakened to an average of R13.4713 to the dollar in July, compared with R13.2871 to the dollar in June, while the oil price came under some pressure from a resumption in exports by Libya.

This edges the retail price of petrol in Gauteng slightly higher to a record of R16.03 a litre, or 11.16% more than the price paid in January 2018. Commuters have been on the receiving end of a number of hefty increases this year, including an 82c hike in June, and a 26c increase in July.

As of midnight on Wednesday, diesel will cost 4c/l less, while the price of illuminating paraffin will rise 5c/l.

Rising pressure on commuters has prompted promises from the government that they will explore ways to mitigate the rising cost of living, while the DA has been lobbying for a reduction in fuel levies, which represent about a third of the price paid at the pump.


 

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