Steep fuel price increases set to hit at midnight

Ongoing geopolitical tensions have again negatively impacted local fuel prices, with motorists set to pay R3.33 per litre more for petrol as of midnight tonight (Tuesday).

The Department of Mineral and Petroleum Resources (DMPR) confirmed the latest fuel price adjustments on Monday.

The price of 93 ULP will rise by R3.12 per litre, while diesel (0.05% sulphur) will hike by R2.84 per litre.

Diesel (0.005% sulphur) will increase by R3.24 per litre.

Illuminating paraffin is also set to increase, rising by R3.58 per litre as of Wednesday.

The DMPR said the increase is owing to the ongoing US-Iran tensions, uncertainty regarding the flow of oil through the Strait of Hormuz, higher shipping costs and decreasing inventories.

“The average international product prices of petrol, diesel and illuminating paraffin increased due to supply shortages caused by lower global inventories of products.

“These factors led to higher contributions to the basic fuel prices of petrol, diesel and illuminating paraffin by 329.07 cents per litre, 280.17 cents per litre and 357.23 cents per litre respectively.

“The prices of propane and butane also increased during the period under review due to supply uncertainties,” said DMPR Minister Gwede Mantashe.

Government has, however, urged motorists to buy fuel to meet their normal needs and avoid panic buying.

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