Sat Sep 23 02:22:19 CAT 2017

Petrol price going up next week

By Reuters, Sapa | 2012-03-02 13:27:45.0

Up 28 cents a litre

South Africa’s petrol pump prices in the main inland commercial region of Gauteng will increase by 28 cents or 2,6% a litre next Wednesday, the energy department said on Friday.  

The new price for 95 grade petrol will be 11,23 rand a litre in the Gauteng region, from 10,95 rand in February.

The wholesale diesel price will rise by about 1% to 10,37 rand.

Illuminating paraffin (wholesale) will rise by four cents a litre, and the single maximum national retail price by five cents a litre.

The maximum retail price for LP gas will go up by 36 cents a kilogram.

Government says the increase in international crude oil prices comes as a result of oil supply disruptions in Yemen, Syria, and Sudan.

News that Iran had been intensifying its nuclear enrichment programme escalated tensions between Iran and the West, further pushing up oil prices.

Saudi Arabia’s increase in oil exports by nine million barrels a day replaced the lost crude oil supplies, dampening prices from February 23.

Greece’s second bail-out deal from the European Union and the International Monetary Fund helped to strengthen the rand/dollar exchange rate.

China’s decision to loosen monetary policy to boost economic growth also helped the exchange rate, as this improved prospects for South African exports.