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Petrol price to increase in November

The petrol price will increase by 4 cents per litre in November, says the Department of Energy.

The price of Diesel (0.05% sulphur) will increase by 23 cents per litre, while Diesel (0.005% sulphur) will increase by 27 cents per litre.

“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 shipping costs,” the Department of Energy said in a statement.

The price for Petrol (93 Octane, ULP and LRP) and petrol (95 Octane, ULP and LRP) will increase by 4cents per litre.

The department said one of the reasons for the fuel price adjustments is the Rand/US Dollar Exchange rate.

“The Rand weakened, on average, against the US Dollar (from 13.13 to 13:62 Rand per USD) during the period under review. This led to higher contribution to the Basic Fuel Prices (BFP) of petrol, diesel and illuminating paraffin by 22.12c/l, 22.19c/l and 22.07c/l respectively,” the department said.

The price of Illuminating Paraffin (wholesale) will increase by 21 cents per litre and the maximum LPGas Retail Price will increase by 17c/kg.

“The average prices of petrol and illuminating paraffin decreased, whilst the diesel prices increased, during the period under review. This led to an over-recovery of about 17 cents per litre on petrol and about 2.5 cents per litre on paraffin,” the department said.

The department said the average Brent Crude oil price increased slightly from 55.99USD to 56.59USD per barrel during the period under review.

“There are expectations that the Organisation of Petroleum Exporting Countries (OPEC) will prolong its output cut agreement with non-OPEC partners at least until the middle of next year,” the department said. – SAnews.gov.za

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