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South African motorists are expected to feel the pinch at the pumps from Tuesday, 1 February 2022, 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 Mineral Resources and Energy Department said a myriad of local and international factors contributed to the higher fuel prices, including an increase in the cost of Brent Crude Oil and increased 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.”
Moreover, the Department says concerns regarding the tension between Russia and Ukraine have negatively affected crude oil prices as the area is a crucial oil and gas infrastructure hub.
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