THE Department of Mineral Resources and Energy has announced a massive petrol price hike of R2.43 (per litre for 93 octane), while 95 octane will increase by R2.33 per litre from 1 June.
The prices of diesel (0.05% sulphur) will increase by R1.10 per litre, while diesel (0.005% sulphur) increased by R1.07 per litre.
The steep increases were driven by the Brent Crude oil price increasing from $104.78 to $115.00 compared to the previous assessment period.
The rand also weakened significantly against the dollar over the same period, from R14.90 to R15.95.
Given the ‘no-normal’ market environment, government said it will continue to monitor the impact of the Russia/Ukraine conflict and zero-COVID policies, which continue to have an impact on energy and food prices and result in supply chain shocks, with the aim of investigating further measures to make households and businesses less vulnerable to such shocks.
The price increases
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