Petrol prices to increase R1.18/l from Wednesday

News24
01 Jun 2020, 19:43 GMT+10

Consumers will pay R1.18/l more for both grades of petrol from Wednesday, 3 June.

This is in line with estimates from the Automobile Association. But the price of petrol is still on average R2 lower than it was at the beginning of lockdown.

Fuel prices are increasing across the board, according to a statement from the Department of Mineral resources and energy, issued on Monday.

Petrol (both 93 ULP and LRP): 118c/lPetrol (both 95 ULP and LRP): 118c/lDiesel (0.05% sulphur): 22c/lDiesel (0.005% sulphur): 21c/lIlluminating Paraffin (wholesale): 40c/lSMNRP for IP: 54c/lMaximum LPGas Retail Price: 198c/kg

"The main reason for the higher oil prices is that OPEC, Russia and other oil producing nations agreed to reduce oil production by about 10 million barrels per day during a meeting in April 2020. This effectively removed about 10% of global supply of oil," the department said.

The average price for Brent Crude oil also increased from $20/bbl to about $27.63/bbl.

The increases were also partly driven by the strengthening of the rand, which led to lower contributions to the basic fuel prices of petrol, diesel and illuminating paraffin by over 6c/l, the department said.

The prices of petroleum products also increased, which influenced the decision to hike fuel prices domestically. "The demand for refined products also increased as the easing of lockdown started in the US and other countries," the department said.

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Breaking Property News.

More Information

null in null

Business

Section

Wall Street extends rally, Standard and Poor's 500 hits new high

NEW YORK, New York - U.S. stock markets closed firmly in positive territory to start the week Monday, with the S&P 500 and Dow Jones...

Canadian tax on US tech giants dropped after Trump fury

WASHINGTON, D.C.: On Friday, President Donald Trump announced that he was halting trade discussions with Canada due to its decision...

Trump-backed crypto project gets $100 million boost from UAE fund

LONDON, U.K.: A little-known investment fund based in the United Arab Emirates has emerged as the most prominent public backer of U.S....

DIY weight-loss drug trend surges amid high prices, low access

SAN FRANCISCO, California: Across the U.S., a growing number of people are taking obesity treatment into their own hands — literally....

Apple allows outside payment links under EU pressure

SAN FRANCISCO, California: Under pressure from European regulators, Apple has revamped its App Store policies in the EU, introducing...

Euro, pound surge as U.S. rate cut odds grow after Powell hint

NEW YORK CITY, New York: The U.S. dollar tumbled this week, hitting its lowest levels since 2021 against the euro, British pound, and...

Construction

Section