Price of petrol to increase

South Africans will not only have to plan their budget for a large electricity increase and unchanged interest rates but an increase in the price of petrol too.

The Department of Minerals and Energy announced on Friday, 26 June 2009, that the retail price of 93 ULP and LRP petrol will increase by 37 cents and 93 ULP and LRP will go up by 40 cents.

The wholesale price of Diesel 0.05% Sulphur is to go up by 40 cents while that of Diesel 0.005% Sulphur will also increase by 40 cents.

In June, the price of petrol rose by 17 cents per litre.

The price of Illuminating Paraffin at wholesale prices will increase by 46 cents a litre and Illuminating Paraffin at the Single Maximum National Retail price will increase by 62 cents. The prices come into effect on Wednesday, 1 July.

During the review period of 29 May to 25 June, the average international product prices of Petrol, Diesel and Illuminating Paraffin increased, said the department.

The increase follows a week of bad news for consumers.

The National Energy Regulator of South Africa (Nersa) has granted power utility Eskom a 31.3% interim tariff hike, which will result in an increase of the average standard tariff from 25.24c/kWh to 33.14c/kWh.

And, Reserve Bank Governor Tito Mboweni announced on Thursday that the repo rate would remain unchanged at 7.5%, despite economists predicting a 50 basis points cut.

Article published courtesy of BuaNews