AS of 7 December 2022, South Africans will pay a little bit more for fuel due to a number of local and international factors that have caused the price of petrol to be adjusted.
Petrol will increase by 59c per litre.
Diesel users, however, will get some relief as the price will go down by R1,57.19 and R152.19 per litre, while the price of illuminating paraffin (wholesale) will decrease by 57.33 per litre.
The Minister of Mineral Resources and Energy Gwede Mantashe announced the adjustment of fuel prices based on current local and international factors with effect from the 7th of
December 2022.
South Africa’s fuel prices are adjusted on a monthly basis, informed by international and
local factors.
International factors include the fact that South Africa imports both crude oil and finished
products at a price set at the international level, including importation costs, e.g. shipping costs.
Maximum LP gas retail price will increase by 95.00 c/kg.
The average Brent Crude oil price decreased from 90.79 US Dollars (USD) per barrel to 88.77 USD per barrel during the period under review.
The oil prices slumped to their lowest level since December 2021 amid fears of lower
demand from China due the lockdowns in line with the country’s strict covid-19 regulations.
The department said petrol prices increased due to higher demand by motorists travelling
for the thanksgiving season in the US amid limited supply emanating from the Russia
Ukraine conflict.
Increased demand resulted in a decrease of gasoline inventories and higher prices.
The Rand appreciated, on average, against the US Dollar (USD) (from 18.11 to 17.43) Rand per USD during the period under review when compared to the previous one.
The stronger Rand led to lower contributions to the Basic Fuel Prices of petrol, diesel and
illuminating paraffin by 40.31 c/l, 48.94 c/l and 48.98 c/l respectively.
The fuel prices schedule for the different zones will be published on Tuesday, the 6th of
December 2022.
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