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Reserve Bank Governor Lesetja Kganyago said the combination of a weaker exchange rate and higher product prices has resulted in a cumulative increase in domestic petrol prices by R1 per litre since September. File PIC GCIS

Petrol price to increase by 71 cents

Consumers will have to dig even deeper into their pockets this festive season as the price of petrol goes up by 71 cents a litre this week.

The Department of Energy (DoE) on Monday announced that the price of a litre of 93 (ULP and LRP) and 95 (ULP and LRP) will each increase by 71 cents. The increase that comes into effect on Wednesday will mean that motorists who paid R14.05 in November for a litre of 95 (ULP and LRP) in Gauteng will now pay R14.76. At the coast, consumers will pay R14.27.

The price of diesel (0.05% sulphur) will go up by 60.30 cents a litre, while the wholesale price of diesel 0.005% sulphur will rise by 57.30 cents a litre.

The wholesale price of illuminating paraffin (wholesale) will go up by 73.30 and that of illuminating paraffin (SMNRP) will increase by 98 cents, while the maximum retail price of LPGas will go up by R2.04.

The DoE said the average international product prices of petrol, diesel and illuminating paraffin increased during the period under review.

“The rand depreciated against the US Dollar from R13.62 to R14.10, on average, during the period under review when compared to the previous one,” said the department, adding that average Brent crude oil price also increased during the period under review.

Announcing the decision of the Monetary Policy Committee (MPC) to keep the repo rate unchanged at 6.75%, Reserve Bank Governor Lesetja Kganyago said the combination of a weaker exchange rate and higher product prices has resulted in a cumulative increase in domestic petrol prices by R1 per litre since September. At the end of the MPC’s last meeting for the year last month, the central bank said the current under-recovery suggests a further increase in the region of 70 cents per litre in December. – SAnews.gov.za

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