South Africans woke up to higher fuel prices at the pump on Wednesday, with a weak local rand currency largely blamed for the development.
According to the Ministry of Mineral Resources and Energy, both 95 octane unleaded petrol (ULP) and 95 octane lead replacement petrol (LRP) rose by US$0.07 while the price of 93 (ULP and LRP) went up by $0.06 a litre at the pump.
This increase meant that a litre of 95 ULP, which cost $1.09 before the hike, was now being sold for $1.15 per litre, the ministry said.
Diesel (0.05% sulphur) increased by 65.20 cents a litre, while the price of diesel (0.005% sulphur) increased by 63.20 cents a litre, the office said.
The wholesale price of lighting paraffin increased by 34.80 cents per litre, while the retail price for the paraffin increased by 35 cents, the ministry said.
It added that the maximum retail price for cooking gas increased by 48 cents per kg in the price adjustment exercise which has been blamed on the local rand currency’s weakness against the US dollar.
“The average Brent crude oil price increased from $61.10 to $64 per barrel during the period under review,” the ministry said.
It attributed the price fluctuations to low U.S. crude oil inventory figures, the expected increased economic activity in the U.S. due to the approval of President Joe Biden’s economic stimulus, “and a vessel stuck in the Suez Canal last week which caused a delay for all cargo containers — including oil tankers.”
NM/jn/APA