SOUTH AFRICA - MASSIVE FUEL PRICE HIKE EXPECTED ON WEDNESDAY

South African motorists are expected to feel the pain at the pumps from Wednesday when the prices of all grades of petrol and diesel are expected to rise.

Fuel prices are expected to increase as follows:

Petrol (both 93 and 95 ULP  and LRP): 53 cents per litre increase;

Diesel (0.05% sulphur): 79.84 cents per litre increase;

Diesel (0.005% sulphur): 78.84 cents per litre increase.

Wholesale illuminating paraffin is also expected to increase by about R1.01 per litre and the single maximum retail selling price of illuminating paraffin will increase by R1.35 per litre.

The maximum LP Gas retail price is expected to decrease by at least R1.24 per kilogram.

The Mineral Resources and Energy Department said 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.

“Economic recovery even though still slow, is stronger than expected while on the other hand crude oil supply is lagging behind. Travelling continued in general globally, amid fears posed by COVID-19 omicron variant, due to higher vaccination rates as compared to the previous variants. As a result, the less strict lockdowns led to continued increase in demand for oil.

"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 department said. – SAnews.gov.za