Economy

SAfrican petrol, diesel price to go up this week

SAfrican petrol, diesel price to go up this week

At midnight on 5 December the price of fuel increased yet again for the eighth time this year.

The average price across the metropolitan area has risen more than 20¢, from $1.27 yesterday to $1.47 today.

The price of 93 ULP and 95 ULP has increased on average by R1,40 and R1,43 respectively.

The DoE said the average global product prices of petrol, diesel and illuminating paraffin increased during the period under review.

The maximum retail price for LP Gas will cost 204c more per kilogram.

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While the rising price of oil has pushed costs up, observers say that the strengthening of the pound against the United States dollar has kept them in check to some extent.

The department said the main reasons for the petrol price increase were the rand's depreciation against the dollar during the period under review‚ increases in crude oil prices which hit two-year highs increase in well above $60/bbl‚ and the annual margins adjustment.

Petrol and diesel prices have reached their highest levels for three years. The increased barrel price this is designed to create may also work against the group as it makes fracking for oil in the USA more financially viable, which in turn may lead to America increasing its production and filling the gap from the cuts.

The rand, meanwhile, is now trading at R13.62/$.

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