South Africans are set for a costly start to the festive period, with the Ministry of Petroleum Resources announcing sharp fuel price increases effective Wednesday. The adjustments, released on Tuesday, will affect petrol, diesel, paraffin, and LPG.
According to department spokesperson Robert Maake, both grades of petrol will increase by 29 cents per litre. Diesel users face even steeper hikes, with 0.05% sulphur diesel rising by 65.48 cents per litre and the low-sulphur 0.005% grade increasing by 82.48 cents per litre.
Other increases include:
- Illuminating paraffin (wholesale): up by 74.48 cents per litre
- Single Maximum National Retail Price for paraffin: up by 99 cents per litre
- Maximum LPG retail price: up by 24 cents per kilogram nationally and 9 cents per kilogram in the Western Cape
Maake attributed the price climbs to a combination of global and domestic factors. While the average Brent Crude price dipped slightly from $64.14 to $63.54 per barrel, oversupply concerns influenced by increased output from OPEC+ and non-OPEC countries, along with sluggish global demand, played a major role.
He added that although the rand strengthened marginally against the US dollar during the review period, international petrol prices were pushed higher by reduced inventories in the Northern Hemisphere. Planned and unplanned refinery outages have also boosted refinery margins ahead of the winter season, contributing to the increases.
With motorists already bracing for year-end expenses, the latest fuel hikes may feel like the unwelcome relative arriving early for Christmas and staying far too long.