Petrol, diesel prices set to substantially increase in October
The Department of Mineral and Petroleum Resources has announced that the prices of petrol, both 93 and 95 grades, will increase by R3.12 a litre and R3.33 a litre respectively, from October 7, while diesel (0.05% sulphur) will increase by R2.84 a litre and diesel (0.005% sulphur) will increase by R3.24 a litre.
The price of illuminating paraffin will also increase by R3.24 a litre and the maximum retail price of liquefied petroleum gas (LPG) will increase by 42c/kg and 48c/kg in the Western Cape.
The department explains that the average international product prices for petrol, diesel and illuminating paraffin increased during the period under review owing to supply shortages caused by lower global inventories of products.
The rand appreciated against the dollar during the period under review, on average, when compared with the previous period. The average rand:dollar exchange rate for the period August 28 to October 1 was R16.212 compared with R16.214 during the previous period.
This led to a lower contribution to the basic fuel prices on petrol, diesel and illuminating paraffin by 0.171c a litre, 0.215c a litre, and 0.212c a litre, respectively.
Additionally, the combined cumulative petrol and diesel slate balances at the end of August amounted to a negative balance of R10.46-billion.
In line with the provisions of the Self-Adjusting Slate Levy Mechanism, the department says a Slate Levy of 87.66c a litre will be implemented into the price structures of petrol and diesel with effect from October 7.
The increase on the slate levy will be from 83.28c a litre to 87.66c a litre, resulting in an increase of 4.38c a litre in the price structure of petrol and diesel.
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