Inland petrol price climbs up to over R16/litre

(Oupa Nkosi/M&G)

(Oupa Nkosi/M&G)

Both grades of petrol, 93 and 95 (ULP & LRP), will increase by 26 cents and 23 cents a litre respectively on Wednesday, the Department of Energy announced on Sunday.

Diesel 0.05% sulphur and diesel 0.005% sulphur will increase by 26c and 24c a litre respectively.

Illuminating paraffin (wholesale) will go up by 22c, while illuminating paraffin (SMNRP) will cost 30c more per litre.

The maximum retail price for LPGAS will spike by 37c a per kilogram.

The DoE ascribed the huge spike in fuel prices to a weaker rand.

“The average rand/US dollar exchange rate for the period June 1, 2018 to June 28, 2018 was R13.2871 compared to R12.5099 during the previous period.

“This led to a higher contribution to the Basic Fuel Prices on petrol, diesel and illuminating paraffin by 43.21c/l, 44.36c/l and 44.62c/l respectively.”

The latest hike has taken the per litre price of petrol further into record territory, with motorists now having to fork out R15.53 and R16.02 for a litre of 95 octane unleaded petrol on the coast and inland respectively.

The Automobile Association said on Thursday South Africans have been thrown a lifeline by declining oil prices in June, but not enough to avert another hike in fuel prices. ― Fin24

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