South African motorists can expect a sharp increase in the price of fuel in August. The Ministry of Mineral Resources and Energy announced actual fuel prices from August 4 to Saturday July 31. The price of both grades of gasoline has increased by almost one rand per liter while diesel has increased by over 50 cents.
SIGNIFICANT INCREASE IN THE PRICE OF FUEL
Energy Minister Gwede Mantashe said fuel prices for August 2021, based on a number of local and international factors, will be adjusted as follows:
- Gasoline (both 95 ULP and LRP): ninety-one cents per liter (91.00 c / l) to augment;
- Diesel (0.05% sulfur): fifty five point five eight cents per liter (55.58 c / l) to augment;
- Diesel (0.005% sulfur): fitfy four point five eight cents per liter (54.58 c / l) to augment;
- Illuminating paraffin (wholesale): fifty cents per liter (50.00 c / l) to augment;
- SMNRP for IP: sixty-seven cents per liter (67.00 c / l) to augment;
- Maximum retail price of LPG: two hundred and twenty-six cents per kilogram (226.00 c / kg) to augment.
The department said the fuel price schedule for the different areas will be released on August 3. Gasoline is now expected to cost over R18 per liter in the interior parts of South Africa.
INCREASE IN THE PRICE OF CRUDE OIL
Factors that influence how fuel prices are adjusted include the import of petroleum products – crude oil and finished products – used, which are set internationally, including transportation and other costs.
“The average price of Brent crude oil fell from $ 73 to $ 74 per barrel during the review period,” the department said.
This increase had a ripple effect on the prices of refined petroleum products and led to higher contributions to the price of base fuel of 48.29 cents per liter, diesel of 16.37 cents per liter and 15, 53 cents per liter and lighting paraffin at 17.76 cents per liter.
The rand also depreciated against the dollar during the review period, which also affected the increase and a tax of 6.58 cents per liter will be applied to the price structures of gasoline and diesel.
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SourceGasoline up 91 cents, diesel 55 cents from August 4