South Africa’s Minerals and Energy ministry said on Tuesday that the retail price of petrol would rise by five cents per litre from Wednesday.
It also said the wholesale price of diesel with 0,3 and 0,05% sulphur content would each rise by 18,8 cents a litre.
The price of illuminating paraffin used mostly by the poor would rise by 18,9 cents a litre in the wholesale price.
Retail oil prices have a significant impact on inflation in South Africa.
Inflation has been on the rise this year, with the targeted CPIX measure hitting 11.8 percent in September, well outside its target range of 3-6 percent. The central bank has responded by hiking interest rates by 400 basis points. – Reuters