High oil costs on the world market have forced South African fuel industry to pass on the burden to consumers by raising pump prices of both grades of petrol by 0.4 US cents a litre on Wednesday, the energy ministry has announced.
Diesel has been raised by 0.18 US cents per litre, with paraffin going up by 11.0 US cents per litre, the ministry said.
However, maximum liquid petroleum gas retail price has decreased by at least 9.0 US cents, according to the ministry.
“A myriad of local and international factors contributed to the higher prices of fuel, including an increase in the cost of Brent crude oil and high import costs,” the ministry said
“Economic recovery, even though still slow, is stronger than expected – while, on the other hand, crude oil supply is lagging behind,” the ministry said.
But “concerns regarding the tension between Russia and Ukraine have also affected crude oil prices negatively as the area is a crucial oil and gas infrastructure hub,” the office said.
NM/jn/APA