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More misery for motorists as fuel prices reach record highs

Petrol and diesel costs go up on Wednesday

04 July 2022 - 12:15 By TImesLIVE
Petrol and diesel prices see sharp increases on Wednesday. File photo.
Petrol and diesel prices see sharp increases on Wednesday. File photo.
Image: Supplied

The misery for SA motorists will continue in July with fuel prices set to reach new record levels on Wednesday.

The price of 93 octane petrol will rise by R2.37/l, 95 octane by R2.57/l, low sulphur 50ppm diesel by R2.30/l and 500ppm by R2.31/l. Illuminating paraffin rises R2.21/l.

The new retail price for a litre of 93 petrol will be R26.31 and 95 will cost R26.74 inland, while the inland wholesale price of 500ppm diesel will be R25.40 and 50ppm diesel will cost R25.53. The prices are nearly R10/l more than a year ago.

The department of mineral resources and energy attributes the increases to average international product prices for fuel increasing during the period under review.

The rand appreciated against the US dollar from R15.94 to R15.76, preventing the hikes from being even worse, though another big increase awaits cash-strapped motorists next month when the temporary reduction in the fuel levy expires.

On May 31 the ministers of finance and mineral resources and energy jointly announced an extension of the temporary reduction by R1.50/l on both petrol and diesel until July 5, and thereafter adjusting the relief to 75 c/l from July 6. The temporary relief will be withdrawn from August 3.

The fuel levy on petrol and diesel respectively amounts to R3.19/l and R3.05/l.


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