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Petrol price may rise by 81 cents in July

18 Jun 2013

A weaker rand and higher international product prices are likely to push the Gauteng retail petrol price up by 81 cents a litre (c/l) in July, close to the record R13.20 per litre reached in April‚ data released by the Central Energy Fund last week showed.

Petrol price may rise by 81 cents in July

The diesel price is likely to rise by 75c/l.

The daily under-recovery on 13 June was 80.89 c/l‚ while the average for the period 31 May to 13 June was 82.51c/l.

An under-recovery means that the basic petrol price based on the daily product price and exchange rate is more than the basic fuel price used in the calculation of the monthly retail petrol price.

An under-recovery implies that the retail petrol price will most probably be increased at the next monthly price adjustment‚ regardless of whether the government introduces a new levy or raises either the wholesale or retail margin.

The retail petrol price is adjusted monthly on the first Wednesday of the month in accordance with the previous averaging period's over- or under-recovery.

This averaging period runs from 31 May to 27 June and a price announcement is due the following day.

The Department of Minerals and Energy could therefore implement a retail petrol price increase of about 81c/l on 3 July‚ provided the daily under-recovery remains where it is. The wholesale diesel (0.05% sulphur) price could rise by 75c/l.

Source: I-Net Bridge

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