The rise in crude oil prices on the world market has led to the hiking of charges at South Africa’s fuel pumps starting on Wednesday, the Ministry of Energy and Mineral Resources has said.
According to the ministry, the petrol price has increased by 10 cents per litre, diesel price has increased by 2 cents per litre, and the paraffin price has gone up by 4 cents a litre.
The ministry said the average international prices for petrol, diesel and paraffin had increased during the period under review following the recent rising in world oil prices.
The price hikes also were triggered by the local rand currency’s appreciation against the US dollar, the ministry added.
The rand is trading at 17.42 units against the US dollar as opposed to the 18.14 units two months ago.
In the past three months fuel prices have tumbled due to the coronavirus pandemic, which saw a fall in demand for energy following the slowing down of economic activities during lockdowns declared worldwide.
Fuel prices have however started rising as countries slowly return to economic activities, analysts have noted.
NM/jn/APA