Petrol price to increase in August
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Petrol price to increase in August

Author: Staff Reporter Updated: 10:30 01-08-2017

The price of petrol is expected to increase by 19 cents a litre from Wednesday, the Department of Energy announced.

In a statement issued on Friday, the department said the main reasons for the petrol increase was the slight decline in the rand against the US Dollar Exchange rate and increase in prices of petroleum products in the international markets, in line with the higher crude oil prices.

“The rand depreciated slightly on average, against the US Dollar during the period under review. This led to higher contribution to the Basic Fuel Price on petrol, diesel and illuminating paraffin by 11.15c/l, 10.93c/l and 10.88c/l, respectively.

“The Crude oil prices rose, partly on drawdowns of global inventories including in the closely watched US market. The market has been anticipating a return to balance at some point this year and there are signs now that it is happening,” the department said.

The department added that the current expectations are that the rising crude oil prices will hit a ceiling as higher prices may tempt OPEC members to start producing above the output cuts agreed late last year and reconfirmed in June this year.

The 95 and 93 Octane ULP and LRP will increase by 19 cents per litre, diesel (0.05% sulphur) will increase by 29 cents, while diesel (0.005% sulphur) increases by 30 cents per litre.

Illuminating Paraffin (wholesale) will increase by 26 cents per litre, SMNRP for IP by 35 cents per litre, and maximum retail price for LPGas will increase by 40 cents per kg.

The fuel pricing schedule for the different zones will be published on 1 August 2017.

Published: 08:15 31-07-2017

Posted by on July 31, 2017.

Categories: Business

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Updated: 15:25 17-Oct-2017

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