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Steep fuel prices announced for this week

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Source: Compiled by Lameez Omarjee, Fin24, 31 July 2021, photo credit: Sky News

The petrol price will increase by 91 cents per litre (c/l) in August, the Department of Mineral Resources and Energy (DMRE) said.

The DMRE on Saturday issued a statement indicating steep fuel hikes next month – among the main drivers include an increase in the Brent crude oil price from $73 per barrel to $74 per barrel, as well as an increase in international petroleum product prices, depreciation of the rand exchange rate and the implementation of a slate levy of 6.58c/l. The slate levy is a mechanism implemented to finance under recovery by the South African petroleum industry. 

The changes are:

• Petrol (both grades): 91c/l increase.
• Diesel (0.05% sulphur): 55.58 c/l increase
• Diesel (0.005% sulphur): 54.58 c/l increase
• Illuminating Paraffin: 50.00 c/l increase
• Single Maximum National Retail Price for LP Gas: 67.00 c/l increase
• Maximum LPGas Retail Price: 226.00 c/kg increase.

The Automobile Association had previously warned of a big jump in fuel prices due to an increase in import prices. It projected petrol would increase 83 c/l.

Source

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