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It’s time to dust off your bicycle as yet another petrol price increase is set to drive another nail into our financial coffins.

Unleaded petrol of both grades (93 and 95) will rise by R1.21 a litre, bringing the Gauteng price of 95 unleaded petrol to R24.45 a litre, while the coastal price will reach R23.73.

Diesel with 0.05% sulphur will cost R1.05 per litre, while 0.005% sulphur would cost R1.18 per litre. This leaves the Gauteng wholesale price at R22.41, while the coastal price rises to R21.69.

The wholesale price of illuminating paraffin will increase by 64 cents per litre, while the maximum retail price of LP gas would rise by 41 cents per kilo.

Because South African fuel prices are largely determined by international oil costs and the rand exchange rate, the disastrous increases is the result of an increase Brent Crude oil price from $82.03 a barrel to $82.50 over the past month.

According to the Department of Mineral Resources and Energy, was due to ‘continued production cuts by oil cartel OPEC+, extremely cold weather affecting production from North America, and continued tension in the Red Sea, which added to the geopolitical risk premium on shipping costs’.

With the rand slipping from R18.77  to R19.20 against the dollar during February, our poor Randelas are not strong enough to cushion the blow.

How much more can South African households take? Stay tuned.

[source:news24]