Massive fuel price increase coming tonight (1 July)

The Department of Energy has released the adjusted fuel price increase numbers set to be implemented from midnight on Tuesday.

In a statement, the Department confirmed that the price of 93 octane petrol will rise by R1.63 a litre, 95 octane by R1.72 a litre and diesel by between R1.69 and R1.73 a litre. Users of illuminating paraffin will be hardest hit with an uptake of R2.14 a litre.

“During the current fuel price review, the average Brent Crude oil price increased from 27.63 USD/barrel to 40.01 USD/barrel. The main reason for the higher oil prices is that major economies around the world began to ease the Coronavirus lockdown measures amid the production by OPEC and Russia,” the Department said, adding that the Rand improved from R18.17 to R17.43 versus the greenback during said period.

“On the finished products, the international prices of all refined petroleum products also increased following that of crude oil resulting in average under recoveries of over 206.33 c/l on petrol and 202.85 c/l on diesel and 245.05 c/l on illuminating paraffin”.

This original article was posted by the city press.