Drivers queue to fill their tanks at a petrol station in Havana, on January 31, 2024
AFP

Department of Mineral and Petroleum Resources (DMPR) on Monday announced that prices for all types of fuel including petrol and gas are expected to increase this Wednesday.

The increases are as follows: Petrol 93 (both ULP and LRP) will go up by 25 cents, and Petrol 95 (both ULP and LRP) will also see a 25-cent increase. Diesel with 0.05% sulfur will rise by 21 cents, while diesel with 0.005% sulfur will increase by 20 cents.

Illuminating paraffin will have a wholesale price increase of 21 cents, with a 28-cent rise in the single maximum national retail price for illuminating paraffin. The maximum retail price for LPGas will increase by 36 cents, SA News reported.

As a result, a liter of 95 petrol, which currently costs R21.05 in Gauteng, will rise to R21.30 from Wednesday onwards. Along the coast, a liter of 95 petrol, which cost R20.26 in October, will now be R20.51 in November.

The department explained the local and international reasons behind the price changes for November. They noted that the average price of Brent Crude oil rose from 72.82 US dollars to 75.07 US dollars per barrel during the review period.

The ongoing conflict in the Middle East and the tensions between Iran and Israel are major factors contributing to this increase. Furthermore, international petroleum product prices also went up in line with the higher oil prices during the same period.

This led to increases in the Basic Fuel Prices: petrol increased by 33.56 cents a liter and 21.55 cents a liter, diesel by 30.33 cents a liter and 28.58 cents a liter, and illuminating paraffin by 29.79 cents a liter.

The department noted that the Rand slightly increased in value against the US Dollar, rising from 17.68 to 17.53 Rand per USD during the review period. This appreciation resulted in lower contributions to the Basic Fuel Prices of all fuel products by more than 8 cents per liter.

In May, South Africans witnessed a surge in petrol prices as they went up by 37 cents more per liter - for both types of petrol, 93 and 95.

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