https://www.polity.org.za
Deepening Democracy through Access to Information
Home / News / All News RSS ← Back
Africa|Energy|Resources
Africa|Energy|Resources
africa|energy|resources
Close

Email this article

separate emails by commas, maximum limit of 4 addresses

Sponsored by

Close

Article Enquiry

Big hikes in petrol, diesel prices on Wednesday

Close

Embed Video

Big hikes in petrol, diesel prices on Wednesday

Petrol pump
Photo by Bloomberg

4th July 2022

By: News24Wire

SAVE THIS ARTICLE      EMAIL THIS ARTICLE

Font size: -+

Motorists will face large fuel price hikes on Wednesday, as the petrol levy cut falls from R1.50 a litre to 75c. 

Petrol prices will be hiked by R2.37 (93) and R2.57 (95) a litre, while diesel prices will rise by R2.31 (0.05% sulphur) and R2.30 (0.005% sulphur) a litre, the Department of Mineral Resources and Energy announced on Monday.

Advertisement

In Gauteng, a litre of 95 petrol will cost R26.74 from Wednesday. This is 54% more than a year ago, when it cost R17.39.

Paraffin prices will increase by R1.66 a litre, while the maximum LPGas retail price will fall by R2.18/kg.

Advertisement

In April, government cut the petrol levy by R1.50 a litre in an effort to relieve the economic stress of surging fuel prices. 

But from Wednesday, this has been lowered to only 75c - and the full levy will take effect from next month. The levy relief is costing government billions.

Local fuel prices are determined by international oil prices, as well as the dollar-rand value, as South Africa buys oil in dollars. 

While the rand strengthened from R15.95/$ to R15.76 over the past month, the average Brent crude oil price increased from $115 a barrel to $115.77. This was due in part to increased fuel demand in China, after lockdown measures were dropped, as well as a move by the European Union to partially ban oil imports from Russia by the end of the year.

The invasion of Ukraine in February has triggered an oil price shock. Russia is the world’s third-largest producer of crude oil, and it has been locked out of Western markets, pushing oil prices higher. 

EMAIL THIS ARTICLE      SAVE THIS ARTICLE

To subscribe email subscriptions@creamermedia.co.za or click here
To advertise email advertising@creamermedia.co.za or click here

Comment Guidelines

About

Polity.org.za is a product of Creamer Media.
www.creamermedia.co.za

Other Creamer Media Products include:
Engineering News
Mining Weekly
Research Channel Africa

Read more

Subscriptions

We offer a variety of subscriptions to our Magazine, Website, PDF Reports and our photo library.

Subscriptions are available via the Creamer Media Store.

View store

Advertise

Advertising on Polity.org.za is an effective way to build and consolidate a company's profile among clients and prospective clients. Email advertising@creamermedia.co.za

View options
Free daily email newsletter Register Now