Petrol and diesel prices will increase on Wednesday after significant price cuts in recent months.
Unleaded petrol in both grades (93 and 95) will increase in price by 75 cents per liter, bringing the price of 95 unleaded petrol in Gauteng to R23.24 per liter, while the price in the coastal region reaches R22.52.
Wholesale diesel prices will rise by 70 cents to 73 cents on Wednesday, with diesel prices in Gauteng rising to R21.36 per liter and prices in coastal areas rising to R20.64.
The wholesale price of paraffin for lighting will increase by 53 cents per litre, and the maximum retail price of LP gas will increase by 37 cents per kg.
Oil is priced in dollars, so fuel prices in South Africa are primarily determined by international oil costs and the rand exchange rate.
The average price of Brent crude oil has increased from $77.35 to $82.03 per barrel over the past month.
The Ministry of Mineral Resources and Energy said this was partly due to attacks on oil cargoes in the Red Sea, causing shipping companies to reroute cargo around the Cape of Good Hope. Shipping costs have increased as the route is much longer. Additionally, the cold snap hit U.S. oil production.
The rand has also fallen to R18.77 to the dollar from around R18.66 last month on concerns that US interest rates will not be cut as quickly as expected.
At the beginning of January, petrol was reduced by 62 cents per liter to R22.49, the lowest price since July 2023. Diesel prices fell between R1.18 and R1.26 to R20.63, also the highest level since July.
