Lerato Mbhiza
THE Minister of Mineral Resources and Energy, Gwede Mantashe, announced the adjustment of fuel prices from Wednesday 2023 leading to an increase in the price of petrol, diesel and paraffin.
Mantashe said the Rand appreciated on average, against the US Dollar (from 18.68 to 18.26 Rand per USD) during the period under review when compared to the previous one. But this led to lower contributions to the Basic Fuel Prices of petrol, diesel and illuminating paraffin by 27.64 c/l, 27.36 c/l and 27.10 c/l, respectively.
According to Mantashe “the increasing demand for crude oil from China and India, and tightening supply due to continued production cuts by Saudi Arabia. Most analysts expect the supply constraints to push the price higher in the next few weeks.”
Based on current local and international factors, the fuel prices for August 2023 will be adjusted as follows;
Petrol (both 93 and 95 Octane): Thirty-seven cents per litre (37.00 c/l) increase.
Diesel (0.05% sulphur): Seventy-two cents per litre (72.00 c/l) increase.
Diesel (0.005% sulphur): Seventy-one cents per litre (71.00 c/l) increase.
Illuminating Paraffin (wholesale): Seventy-one cents per litre (71.00 c/l) increase.
SMNRP for IP: Ninety-five cents per litre (95.00 c/l) increase.
Maximum Retail Price of LPGas: Hundred and sixty-one cents per kilogram (161.00 c/kg) decrease.
The fuel prices schedule for the different zones will be published on Tuesday, the 1st of August 2023.
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