South Africa-Economy-Fuel

S/Africa hikes fuel prices on back of exchange rate fluctuations

APA-Johannesburg (South Africa)

South African consumers woke up to higher fuel prices on Wednesday, with petrol prices raised by 65 cents a litre, APA has learnt.

According to the Ministry of Mineral Resources and Energy, a litre of diesel rose by 57 cents.

The wholesale price of lighting paraffin has also increased by 47 cents, it added, while the maximum retail price for cooking gas went up by 87 cents per kg.

This is the third fuel prices hike this year, the ministry noted.

The fuel hikes were triggered by the value fluctuation of the local rand currency against the US dollar on the money markets, the ministry said.

“The rand appreciated, on average, against the US dollar during the period under review, when compared to the previous one.

“This led to lower contributions to the basic fuel prices of petrol, diesel and illuminating paraffin by around 14 cents a litre,” the office said.

NM/jn/APA

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