Lump of coal in your stocking as fuel prices increase
Motorists can expect to pay more when fuelling up for their festive season travels after the Department of Petroleum and Mineral Resources announced an increase in the petrol and diesel prices.
The department's Robert Maake announced on Tuesday that the prices of both grades of petrol will increase by 28 cents per litre, and that the prices of diesel will increase by between 65.48 cents per litre and 82.48 cents per litre, depending on the sulphur content.
He added that the wholesale price of illuminating paraffin will increase by 74 cents per litre and the maximum cost of LP gas will increase countrywide by 24 cents per kilogram.
Maake said the reasons behind this increase are the slight decrease in the price of Brent Crude oil during the time period under review.
"The rand appreciated against the dollar during the same period," said Maake.
"The international product prices of petrol and diesel were also affected by lower inventories ahead of the winter season in the Northern Hemisphere. As well as the planned and unplanned refinery shutdowns in Europe, as they prepare for their winter season."
Minister Gwede Mantashe has also approved the annual adjustment of the industry margins in line with the regulatory accounting system.
"The petrol margins will increase by a net amount of 3.6 cents per litre, and the diesel and IP margins will increase by a net amount of 5.48 cents per litre,” Maake said.
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