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Petrol Price To Rise To Record High In May


Petrol

The petrol price will rise by 49 cents a litre on Wednesday, the Department of Energy revealed in a statement on Thursday.

Diesel will climb by between 58 and 59c/l while illuminating paraffin will go up by 69c/l and LP gas by 70c per kilogramme.

This will be a record high fuel price, the Automobile Association (AA) said in statement earlier.

Commenting on unaudited month-end fuel price data released by the Central Energy Fund (CEF), the AA says the weakening of the rand against the US dollar has combined with sharp increases in international oil prices to produce a new record-high fuel price.

The previous highest price for fuel was in December last year when petrol cost R14.49 a litre.

“Based on these figures, a litre of 93 octane unleaded petrol (inland) – which currently costs R14.23 a litre – will now cost R14.72. This is 23 cents higher than the previous record high of R14.49 in December last year,” the association said in a statement.

“Motorists should be aware that further oil strength and Rand weakness could produce further increases in the short to medium term,” the Association concluded.

These expected increases come on the back of the substantial increases to fuel prices in April, which saw the addition of 52 cents a litre being added for the general fuel and Road Accident Fund levies.

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