South Africans are set for another knock to their pockets, with big petrol price increases kicking in from Wednesday.

According to the minerals and energy department, the price of petrol will go up R1.21/l, diesel by R1.48/l, illuminating paraffin by R1.45/l and LP gas by R2.90/kg.

This means that the petrol price moves closer to the R20/l mark.

Minister Gwede Mantashe said the increases kick in from November 3.

“SA’s fuel prices are adjusted on a monthly basis, informed by international and local factors. International factors include the fact that SA imports both crude oil and finished products at a price set at the international level, including importation costs, for example, shipping costs,” he said in a statement.

According to him, the main reasons for the big jump in prices were:

— Crude oil, where the average price increased from $75.50 to $83.40 a barrel during the period under review, the highest level since October 2018;

— International petroleum product prices, with the movement in international refined petroleum product prices following the increasing trend in crude oil prices; and

— The rand/US dollar exchange rate, with the rand depreciating, on average, against the dollar from R14.56/$1 to R14.72/$1 during the period.

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