South African consumers woke up Wednesday to an increase in the price of fuel and liquefied petroleum gas as the effects of the ongoing Russia-Ukraine conflict start being felt in distant Africa.
According to the Ministry of Energy, prices of both 93 and 95 grade of petrol rose by R1.46 (about US$0.09) a litre on Wednesday, while that of diesel increased by R1.48 per litre.
The cost of paraffin rose by R1.28 a litre, while cooking gas now costs R0.70 per kilogramme, according to the ministry.
It attributed the hike to tightening global fuel supplies due to the Russian invasion of Ukraine as well as a weakening local Rand currency.
The Russia-Ukraine conflict has seen an increase in crude oil prices to over US$100 a barrel this week, the ministry said.
The Rand is now pegged at slightly over 15.50 to the US dollar, according to economists.
The Automobile Association of South Africa said the massive fuel price hike will have a sharp and immediate effect on the poor and a long-term impact on the country’s inflation.
NM/jn/APA