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Gasoline prices will increase by 37 cents per liter on Wednesday, while wholesale diesel prices will be reduced by 30 cents (0.05% sulfur content) and 36 cents (0.005% sulfur content) per liter.
In Gauteng, the retail price of petrol will be R25.49 per liter, while in coastal areas it will be R24.70, reaching levels last seen in October 2023.
However, diesel prices have fallen to their lowest level since February this year. The wholesale price of diesel is R22.15 per liter in Gauteng and R21.36 in coastal areas.
The wholesale price of paraffin for lighting will be reduced by 19 cents per litre.
Oil is priced in dollars, so fuel prices in South Africa are primarily determined by international oil costs and the rand exchange rate. Oil prices soared this month amid military tensions between Israel and Iran.
Over the past month, the average price of Brent crude oil has increased from $84.22 to $88.10 per barrel.
The Ministry of Mineral Resources and Energy said in a statement that the main factors behind the rise in oil prices were rising geopolitical tensions in the Middle East and sustained production cuts by OPEC+ countries.
Diesel prices have fallen due to seasonal changes and reduced demand for fuel in the northern hemisphere as it gets colder.
Meanwhile, the rand depreciated to R18.90 to the dollar from R18.04 last month as hopes of an upcoming US interest rate cut faded.