Steep fuel price hikes in store for February
Motorists will have to put their hands even deeper into their pockets when the latest fuel price hike kicks in on Wednesday.
The Department of Mineral Resources and Energy announced the fuel price adjustments for February on Wednesday.
Both grades of petrol will increase by 81c/l, while diesel will increase by between 58 and 59c. The price of illuminating paraffin will be 59c/l more expensive.
Department spokesperson Robert Maake says the fuel price for February has in the main been driven by the rand/US dollar exchange rate, the increase in the prices of crude oil and the petroleum product prices.
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“The rand depreciated, on average, against the US dollar, from 14.93 to 15.09 Rand per USD, during the period under review when compared to the previous one.
“The average Brent Crude oil price increased from 49.20USD to 53.10USD per barrel during the period under review.
“With respect to finished products, the movement in international prices of petrol, diesel and illuminating paraffin increased by about 76.06 c/l, 53.21 c/l and 53.90 c/I respectively, during the period under review.”
