Stiff petrol-price hike expected in December

Motorists are set to pay more for fuel during the peak holiday month of December, the South African Broadcasting Corporation reported on Tuesday.

The latest figures from the Central Energy Fund showed an under-recovery of 34 cents a litre on petrol. On diesel, it was between 31 and 32 cents a litre, while on paraffin the under-recovery was 49 cents.

The under-recovery is the amount consumers are under-paying for the fuel.

Analysts said the latest surge in prices may be attributed to the recent rally in crude oil prices.

Brent crude oil was hovering above the $91-a-barrel level on Tuesday.

Meanwhile, hopes that the rand would offer some respite were shattered after the currency fell by 2,8% on Monday, the report said.

The retail price of all grades of petrol increased by three cents a litre in November. The wholesale price of diesel—all grades—decreased by six cents a litre.

These changes brought the retail price of a litre of 95-octane unleaded petrol in Gauteng to R7,04 a litre and to R6,80 a litre at the coast.—Sapa, I-Net Bridge

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