No end in sight to rising petrol price pain
Analysts warn of further fuel price increases in coming months
The price of a litre of unleaded 95 octane petrol in SA increased by 54c on Wednesday, after the Central Energy Fund said higher international fuel prices countered gains by the rand in the review period.
Crude oil reached its highest level since November, after the US decided to end a sanctions waiver on Iranian oil imports. The price rose to more than $70 (about R1,011) a barrel compared with $54.11 (about R782)at the start of the year.
The inland price of 95 unleaded petrol is now R16.67 and 93 unleaded is R16.50. At the coast, the prices are R16.03 for 95 unleaded and R16.07 for 93 unleaded.
It’s the fifth straight increase in fuel prices in 2019 and the second-highest fuel price on record, after prices peaked at R17.08 in October 2018.
Analysts have warned that the rising price of Brent crude oil and the weaker exchange rate will lead to further fuel price increases in coming months.
The wholesale price of 500ppm sulphur diesel has increased 1c a litre, while 50ppm stays the same.