At midnight petrol across all grades will rise by 81 cents a litre, crashing through the R20/l barrier for the first time in history to reach R20.13 for a litre of 93ULP and R20.35 for 95ULP.Fuel prices will be through the roof in December, with the price of oil playing almost no part.
“This price disaster is entirely home grown. Internationally, oil prices have pulled back from their recent highs and Brent crude is currently trading around $75 a barrel. The majority of this month's under-recovery is because of the weakening of the rand against the US dollar,” the AA notes. Increases in the retail margin and a related bouquet of costs which are traditionally adjusted for December annually were fairly modest, and totalled around an extra 17c/l a litre.
70% of the petrol price is taxes
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