News24 | Confirmed: Petrol, diesel prices to hit new records on Wednesday

South African fuel prices are largely dependent on global oil prices and the rand-dollar exchange rate, as oil is priced in dollars.

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The Department of Mineral and Petroleum Resources has confirmed large fuel price hikes for Wednesday, which will push petrol and diesel prices to record levels.

A price hike of R3.33/litre for 95 unleaded petrol and R3.12 for 93 unleaded has been announced.

Gauteng 95 unleaded petrol will be hiked to R30.25 a litre, with the coastal price at R29.38.

The wholesale price of diesel (0.05% sulphur content) will be hiked by R2.84/litre, while diesel with 0.005% sulphur will increase by R3.24.

Wholesale diesel (0.05% sulphur) prices will now be R31.96 in Gauteng and R31.08 on the coast.

READ | ‘One-two punch’: SA hit by global diesel crunch

The average Brent crude oil price increased from $87.89 a barrel in August to $101 in recent weeks, the department said.

“The increase is due to the continued US-Iran tensions, uncertainty regarding the flow of oil through the Strait of Hormuz, higher shipping costs and decreasing inventories.”

READ | SA diesel imports from US hit record 5 million barrels since Iran war

The maximum national retail price of paraffin will increase by R4.77 per litre, while the maximum retail price of LPG will be hiked by 48c a kilogram in the Western Cape, and 42c elsewhere.

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