South Africa will raise the prices of petrol, diesel and other fuel products from Wednesday, October 7, with petrol prices increasing by more than R3 a litre.
Mineral and Petroleum Resources Minister Gwede Mantashe announced the monthly adjustment on October 5, citing changes in international oil and petroleum product prices, shipping costs and other local pricing factors.
The price of 93-grade petrol will increase by R3.12 per litre, while 95-grade petrol will rise by R3.33 per litre. Diesel prices will increase by R2.84 per litre for 0.05% sulphur diesel and R3.24 per litre for 0.005% sulphur diesel.
The increases mean that inland motorists will pay R29.88 per litre for 93 petrol and R30.25 for 95 petrol under the October price schedule. At the coast, 93 petrol will cost R29.09 and 95 petrol R29.38 per litre.
Diesel prices will also reach new highs. The wholesale price of 0.05% sulphur diesel will rise to R31.95 per litre inland and R31.08 at the coast, while 0.005% sulphur diesel will rise to R33.29 inland and R32.03 at the coast.
The government attributed much of the increase to higher international oil prices. It said the average Brent crude price rose from $87.89 to $101 a barrel during the review period, with the increase linked to continued US-Iran tensions, uncertainty over oil flows through the Strait of Hormuz, higher shipping costs and declining inventories.
International prices for petrol, diesel and illuminating paraffin also increased because of supply shortages associated with lower global inventories. These changes increased the contribution of international product prices to South Africa’s Basic Fuel Prices.
The rand provided little relief despite strengthening slightly against the US dollar. The average exchange rate moved from R16.213 to R16.212 per dollar during the review period, reducing the fuel-price contribution by less than one cent per litre.
The adjustment will also affect households using illuminating paraffin. Its wholesale price will increase by R3.58 per litre, while the Single Maximum National Retail Price will rise by R4.77 per litre. LPGas will increase by 42 cents per kilogram nationally and by 48 cents per kilogram in the Western Cape.
The Department of Mineral and Petroleum Resources said the detailed fuel prices for the different Magisterial District Zones would be published on October 6. The new prices will then take effect from October 7.
