BUSINESSTECH, 31 January 2022, photo credit: 123RF/scyther5
The Department of Mineral Resources and Energy has published the latest fuel price adjustments for February 2022, showing a sharp hike in prices for both petrol and diesel in South Africa.
Rising oil prices are the main driver behind the increases, while a stronger rand versus the dollar has curtailed some of the damage. The increases have pushed petrol 95 above the R20/litre mark once again.
The only good news in fuel adjustments is a lower maximum retail price for LPGAS, which will be decreasing by R1.24. The fuel price adjustments will come into effect on Wednesday, 2 February 2022.
The full list of changes is as follows:
- Petrol 95: increase of 53 cents per litre
- Petrol 93: increase of 53 cents per litre
- Diesel 0.05%: increase of 80 cents per litre
- Diesel 0.005%: increase of 79 cents per litre
- Illuminating Paraffin: increase of 101 cents per litre
The average international product prices for petrol, diesel and illuminating paraffin increased during the period under review.
Bloomberg reported that oil markets opened the week higher and were heading for the biggest January gain in at least 30 years as robust demand outpaced fresh supply. Brent crude touched $90 per barrel briefly.
Booming demand, scratchy supply and dwindling stockpiles has helped crude soar in January, with top banks and oil companies saying prices may soon pass $100 a barrel, Bloomberg said.
The South African Pork Producers’ Organisation (SAPPO) coordinates industry interventions and collaboratively manages risks in the value chain to enable the sustainability and profitability of pork producers in South Africa.
