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Brace yourself for a petrol price hike of 54c/l from May 1

28 April 2019 - 14:03 By Nomahlubi Jordaan
The price of petrol is set to increase by 54c/l on May 1.
The price of petrol is set to increase by 54c/l on May 1.
Image: Eric Gaillard/Reuters

The price of petrol will increase by 54c/l at midnight on Tuesday, the department of energy confirmed on Sunday.

The price was adjusted on the basis of local and international 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 importation costs,” the department said in a statement.

Petrol will increase by 54c/l, diesel with 0.05% sulphur will increase by 1c/l, while the price of diesel with 0.005% sulphur will remain unchanged, the department said.

The wholesale price of illuminating paraffin will increase by 3c/l and the single maximum national retail price (SMNRP) of illuminating paraffin will increase by 4c/l. The maximum retail price for LP Gas will increase by 84c/kg.

The department attributed the increase in the fuel price to the contribution from the rand/US dollar exchange rate and the increase in the price of crude oil.

“The settling of contagion risks from emerging markets provided a foundation for the rand’s strengthening trends. This increases the contribution on the basic fuel price of petrol, diesel and illuminating paraffin by about 13c/l,” said the department.

“According to The Citizen, the price of petrol has increased by R4 since January.

Unexpectedly strong international fuel prices had earlier raised the spectre of an unwelcome fuel price hike for petrol users at the end of April, according to the unaudited mid-month fuel price data released by the Central Energy Fund, the Automobile Association said earlier this month. It predicted an increase of 56c per litre for petrol, the publication said.