The Department of Mineral Resources and Energy revealed on Monday that fuel prices would rise from Wednesday due to a global supply shortage. The prices of 95 and 93 unleaded petrol will increase by R1.27 per litre. Diesel will grow by 30 to 32 cents. The cost of illuminating paraffin will also increase by 13 cents per litre. And the maximum retail price of LP gas will increase by R5.22 per kilogramme.
In Gauteng, a litre of 95 unleaded petrol will now cost R22.95, while on the coast, it will cost R22.30. Additionally, diesel prices in Gauteng will increase to R21.62, up from R18.87 a year ago.
The global oil price and the rand-dollar exchange rate influence the cost of fuel. In February, the rand weakened significantly from R17.04/$ to R18.40 on Monday, causing an impact on fuel prices. The department explained that the petrol price increase is higher than diesel due to lower global inventory levels and seasonal refinery closures in some countries. It also confirmed that it had already taken the EU sanctions on Russian diesel imports had already into account.