PETROL pump prices will rise by 37 cents and 40 cents a litre - depending on the grade - at midnight tomorrow, a further blow for consumers already grappling with a looming 31,3percent electricity hike.
The Energy Department said the pump price for 95grade petrol would increase by 40 cents to R7,90 a litre in Gauteng, while the wholesale price of diesel will also go up by 40 cents a litre to R6,86. The price for 93 octane petrol is being increased by 37 cents. Petrol will now cost R7,67 at the coast from R7,27 before. This follows a 15-cents-a -litre increase last month and a 3-percent decrease the month before.
South Africa is a net importer of oil and adjusts its fuel price each month to account for changes in the rand exchange rate, the international oil price and government levies.
"During the period under review the average international product prices of petrol, diesel and illuminating paraffin increased," the Energy Department said.
Last week power regulator Nersa granted a 31,3percent tariff rise to Eskom - a move likely to increase inflationary pressures. - Reuters