Record petrol high of over R19.50 a litre in Gauteng/ inland provinces from Wednesday

South African fuel prices will hit record highs as of Wednesday, with the price of petrol spiking to over R19.50 a litre in the economic hub of Gauteng and other inland provinces.

This comes as the Department of Mineral Resources and Energy (DMRE) announced on Monday night that the price of petrol (both 93 and 95 ULP & LRP) will increase by R1.21 a litre and diesel (0.05% and 0.005% sulphur) by R1.48 a litre as of November 3.

According to the DMRE, illuminating paraffin (wholesale) will increase by R1.45 per litre, while illuminating paraffin (SMNRP) will surge by R1.93 a litre. The maximum LPGas retail price will rocket by R2.90 a kilogram.

Read: Motorists could see ‘catastrophic’ fuel price hikes, AA warns

The surge in fuel prices comes largely on the back of the spike in international crude oil prices and a weakening rand.

This will put even more pressure on the South African Reserve Bank to hike interests rates when its Monetary Policy Committee meets later this month.

The latest fuel price increases announced by the DMRE are even higher than those forecast by the Automobile Association in October.

 

Source: moneyweb.co.za