February brings fuel increases!

South Africans are in for a fuel price hike as the Department of Mineral Resources and Energy has announced an increase in petrol and diesel prices, effective from Wednesday, February 1.

According to the department, the main factors contributing to the increases include higher prices for Brent crude oil and the strengthening of the Rand against the US Dollar.

“The movement in international refined petroleum product prices, diesel, petrol and illuminating paraffin in particular followed the increasing trend in crude oil prices,” said the department in a statement.

Petrol prices will rise with both 93 and 95 petrol increasing by 28c, diesel 0.05% sulphur will increase marginally by 9c, while diesel 0.005% sulphur will decrease slightly by 0.84c. The price of wholesale illuminating paraffin is expected to increase by 58c and the single maximum national retail price for illuminating paraffin will cost a further 78c. On the other hand, the maximum retail price for LP Gas is expected to decrease by R1.40.

The Rand appreciated slightly, on average, against the US Dollar during the period under review, leading to lower contributions to the Basic Fuel Prices.

“The stronger Rand led to lower contributions to the Basic Fuel Prices of petrol, diesel and illuminating paraffin,” said the department.

South Africans will have to brace themselves for the increases, with the department stating that the prices of fuel, gas, and paraffin have been adjusted to reflect the current market conditions.