Get ready for a hefty petrol price hike this Wednesday
The price of all grades of petrol, 93 and 95, will increase by 67c/l with effect from midnight on September 5.
This is according to the energy department.
The wholesale price of diesel will be going up by 44 cents a litre.
The wholesale price of illuminating paraffin would increase by 49c/l, and the single maximum national retail price (SMNRP) by 65c/l. The maximum LPGas retail price would increase by 86c/kg.
According to the department, the price increases are due to the average international product prices of petrol, diesel and illuminating paraffin increasing during the period under review.
The Rand depreciated against the US Dollar during the period under review, on average, when compared to the previous period. The average rand/US dollar exchange rate for the period July 28 to August 31 was 13.2152 compared to 13.1500 during the previous period.
This led to a higher contribution to the Basic Fuels Price on petrol, diesel and illuminating paraffin by 2.88c/l, 2.74c/l and 2.76c/l respectively.
Further, the minister of energy also approved a retail margin increase of 4.6 c/l to be effected in the retail price structures of all octane grades of petrol with effect from September 6.
This increase is said to be necessary to accommodate the wage increases of pump attendants, cashiers and administrative staff at service stations.
