Petrol and diesel prices will both increase on Wednesday.
Unleaded petrol in both grades (93 and 95) will increase by R1.21 per litre, bringing the price of 95 unleaded petrol in Gauteng to R24.45 per litre, while the price in the coastal region will reach R23.73.
Diesel (0.05% sulfur) costs R1.05 more per litre, and 0.005% sulfur costs R1.18 more per litre. This leaves the wholesale price in Gauteng at R22.41, while the coastal price increases to R21.69.
The wholesale price of paraffin for lighting will increase by 64 cents per litre, and the maximum retail price of LP gas will increase by 41 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 $82.03 to $82.50 per barrel over the past month. According to the Ministry of Mineral Resources and Energy, the surge is due to continued production cuts by the oil cartel OPEC+, extreme cold snaps impacting production from North America, and continued tensions in the Red Sea, increasing the geopolitical risk premium for the shipping industry. It is said to have increased. It costs money.
The rand has depreciated from R18.77/$ to R19.20/$ over the past month.
We live in a world where fact and fiction become blurred
Who we choose to trust can have a huge impact on our lives. Join thousands of passionate South Africans who rely on News24 to bring you trusted news every day. To celebrate our 25th anniversary, become a News24 subscriber to ensure we keep you informed, inspired and empowered.