June 22, 2024
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OIL & GAS

Petrol Prices in South Africa Surge

South Africans are bracing for a hit to their wallets as petrol prices are set to climb from Wednesday. Both grades of petrol, 93 ULP and LRP, and 95 ULP and LRP, are slated to increase by 37 cents a litre.

This hike means that in Gauteng, where a litre of 95 petrol currently stands at R25.12, motorists will soon be shelling out R25.49 per litre.

However, there’s a silver lining for other consumers as diesel, paraffin, and LP Gas prices are expected to dip slightly.

The Department of Mineral Resources and Energy (DMRE) announced these adjustments, detailing a 30 cents decrease for diesel with 0.05% sulfur and a 36 cents decrease for diesel with 0.005% sulfur.

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Illuminating Paraffin will see a wholesale price drop of 19 cents, while the single maximum national retail price will decrease by 25 cents.

Explaining the shifts, the DMRE cited an increase in the average brent crude oil price, reaching $88.10 per barrel, amidst geopolitical tensions and production cuts by OPEC+.

Conversely, diesel, illuminating paraffin, and LP Gas prices saw decreases due to seasonal changes and reduced demand in the Northern Hemisphere.

The Rand’s depreciation against the US Dollar also played a role, leading to slight increases in the basic fuel prices across the board.

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