Fuel price set to increase by 5c a litre

Cash strapped consumers will have to dig deeper into their pockets as the price of petrol is set to go up by 5 cents a litre at midnight.

Image source: Gallo/Getty

The Department of Mineral Resources and Energy (DMRE) has announced a 5 cent increase in both grades of 93 (ULP and LRP) 95 (ULP and LRP) in Gauteng.

From Wednesday onwards, a litre of 95 ULP in Gauteng, which currently costs R15.12, will increase to R15.17 a litre.

Meanwhile, both grades of diesel (0.05% Sulphur) and diesel (0.005% Sulphur) will increase by 45 cents a litre.

The price of illuminating paraffin (wholesale) will increase by 39 cents.

The price of illuminating paraffin (SMNRP) will increase by 52 cents, while the Maximum Retail Price for LPGAS will decrease by 4 cents per kilogram.

The DMRE said the main reasons for the fuel price adjustments were due to the Rand/US Dollar exchange rate, and the increase in prices of crude oil and petroleum products prices.

The Automobile Association (AA) said global oil prices strode higher during July, setting the stage for fuel price increases in August.

"Oil traded in a fairly tight range throughout July, but it was a substantial climb at the beginning of the month, plus some recent volatility, that combined to push prices higher," said the AA.