“International factors include the fact that South Africa imports both crude oil and finished products at a price set at the international level, including importation costs,” the department said in a statement.
Petrol will increase by 54 c/l, diesel with 0.05% sulphur will increase by 1c/l, while the price of diesel with 0.005% sulphur will remain unchanged, the department said. The wholesale price of illuminating paraffin will increase by 3c/l and the single maximum national retail price of illuminating paraffin will increase by 4c/l. The maximum retail price for LP Gas will increase by 84c/kg.
The department attributed the increase in the fuel price to the contribution from the rand/US dollar exchange rate and the increase in the price of crude oil. “The settling of contagion risks from emerging markets provided a foundation for the rand’s strengthening trends. This increases the contribution on the basic fuel price of petrol, diesel and illuminating paraffin by about 13 c/l,” said the department.
Source: Energy Industry News (energyindustrynews.net)
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