SA Fuel Prices Reach All-Time High

South Africa’s fuel is set to skyrocket on Wednesday after the Department of Energy announced the latest increase. From midnight on Tuesday, the two grades of petrol will go up by 99 cents and 100 cents per litre bringing the retail price to R17, 08 per litre and R16, 49 per litre. Diesel will increase by R1, 24 a litre while paraffin will go up by  R1, 04 and R1, 39. Liquefied petroleum gas (LPG) will also go up by R1,79.

The Department of Energy blamed the increase in prices on the weakening South African Rand saying,

The average rand/US dollar exchange rate for the period 31 August 2018 to 27 September 2018 was 14.7899 compared to 13.9430 during the previous period. This led to a higher contribution to the Basic Fuel Prices on petrol, diesel and illuminating paraffin by 48.72c/l, 51.03c/l and 50.62 c/l respectively.

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In a statement, the Automobile Association (AA) said,

They are the biggest in South African history. The major culprit is South Africa’s chaotic economic policy‚ which has left us defenceless against upticks in international oil prices.

More: TimesLive

 

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