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SA petrol price to rise by up to 172 cents from July 1, government says

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SA petrol price to rise by up to 172 cents from July 1, government says

Photo by Reuters

30th June 2020

By: African News Agency

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The retail price of petrol in South Africa will increase by up to R1.72 (10 US cents) a litre from Wednesday while the wholesale price of diesel will rise by as much as R1.73, the department of mineral resources and energy said on Tuesday.

The department said the retail price of illuminating paraffin, which millions of poor South Africans still rely on for cooking and lighting, would go up by R2.85.

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South Africa adjusts fuel prices every month, based on global oil prices and the value of the rand currency. Adjustments are made in such a manner that the over- or under-recovery during the prior month is corrected the following month.

On Tuesday, the energy department said the average international prices for petrol, diesel and illuminating paraffin had increased during the period under review.

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The rand had appreciated against the US dollar, on average, when compared to the previous period, leading to a lower contribution to the basic prices.

From Wednesday, the maximum retail price for petroleum gas will rise by R4.48 per kilogramme.

The mineral resources and energy department said its minister had approved the utilisation of the Saudi Contract to calculate the import price of LPG to be implemented with effect from July 1.

South African LPG imports originate from either Houston in the United States or Ras Tanura in Saudi Arabia. 

The price of LPG in the US is at times cheaper than that in the Middle East due to seasonality, but, because of the longer voyage from the US to South Africa, it could cost more to land at South African ports.

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