Johannesburg - Consumers, already feeling the pinch from higher food prices, will have to tighten their belts further in the face of another fuel price hike.
The Department of Energy announced yesterday that the price of petrol 95 and 93 octane will increase by 12 cents a litre from tomorrow.
The department’s spokeswoman, LeratoNtsoko, explained that South Africa’s fuel prices are adjusted on a monthly basis, informed by international and local factors.
Among these is the fact that South Africa imports both crude oil and finished products at a price set at the international level, as well as shipping costs.
Also read: Fuel price calculation: who takes what?
However, there would be a slight reprieve for consumers relying on diesel and paraffin.
The price of diesel will decrease by 1 cent a litre, while the cost of paraffin will drop by 9 cents a litre.
The price of liquefied petroleum gas will decrease by 5 cents a kilogram.
“The main reasons for the fuel price adjustments in May are the average increase in the prices of petroleum products in the international markets and the strengthening of the rand against the US dollar during the period under review, which cushioned the price adjustments.”
Ntsoko said the prices of petrol increased more significantly than the prices of diesel due to higher demand for petrol in the US and Europe as they move towards their summer season.
Last month, the price of petrol increased by 88 cents a litre, while diesel rose by 62 cents. Illuminating paraffin increased by 76 cents.