Petrol price will rise on Wednesday

Petrol prices will rise by 24c a litre on Wednesday after a spike in global fuel prices over the past month, the government said on Friday.

Petrol prices will rise by 24c a litre on Wednesday after a spike in global fuel prices over the past month, the government said on Friday.

The retail price of 95 unleaded petrol in Gauteng will increase to R5,99 a litre and to R5,75 at the coast.

Rising domestic fuel costs have been highlighted as one of the key drivers of South African inflation, because they make up about 4,7 percent of the CPIX consumer inflation index targeted by the reserve bank for monetary policy.

The wholesale price of diesel will go up by between 8c and 10c a litre while the wholesale price of illuminating paraffin will increase by 10c a litre.

The Single Maximum National Retail Price of paraffin will increase by 13c.

Motorists will feel the pinch again next month as petrol prices are expected to increase by at least 10c a litre because of a rise in contributions to the fuel levy and the Road Accident Fund levy as announced by Finance Minister Trevor Manuel in his recent budget speech.

Meanwhile, South African new vehicle sales increased 4,9 percent year-on-year to 52589 units last month, reflecting slower growth than in previous months and suggesting higher interest rates were affecting sales. - Reuters

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