[LISTEN] Petrol, diesel set to increase
The Department of Mineral Resources and Energy has announced a petrol price hike of 11c per litre, while the price of diesel will increase by 26c per litre.
The hikes are set to take effect on Wednesday.
The main reason for the increases is the weakening rand against the US dollar.
"We know that rand weakened from an average of 14 US dollars to around 15.5 rands per dollar. That's how it weakened," says the department’s spokesperson Robert Maake.
Diesel will go up by 26 cents per litre while illuminating paraffin will increase by 24 c/l.
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In a statement, the department also says: "The Rand depreciated on average against the US Dollar from 14.05 to 15.15 Rand per dollar during the period under review compared to the previous one. This led to a higher contribution to the Basic Fuel Prices on petrol, diesel and illuminating paraffin by more than fifty cents (50.00 c/l). The average Brent Crude oil price decreased from 64.10 US dollars (USD) per barrel to 58.80 USD per barrel during the period under review."
Listen below: