By Lehlohonolo Lehana.
The Department of Minerals and Petroleum on Tuesday, has published the official fuel price adjustments that will take effect on Wednesday, 4 December 2024.
This is the second fuel price increase since May this year.
On Wednesday, both grades of petrol will increase by 17 cents per litre, while the price of diesel will rise by between 55 and 56 cents, depending on the sulphur content.
Meanwhile, LP Gas is set to increase by R1,72 cents per litre.
The Central Energy Fund said that the average international product prices for petrol decreased whilst diesel and illuminating paraffin increased during the period under review.
Despite the price decrease in international products for petrol, the rand depreciated against the US dollar during the period under review, on average, when compared to the prior period.
The average Rand/US Dollar exchange rate for the period 01 November 2024 to 28 November 2024 was 17.9256 compared to 17.5301 during the previous period.
This led to a higher contribution to the Basic Fuel Prices of petrol, diesel and illuminating paraffin by 22.35 c/l, 23.74 c/l, and 23.62 c/l, respectively.
Minister of Mineral Resources and Energy Gwede Mantshe also approved a net increase of 15.4 c/l in the annual margin adjustments on petrol and a net increase of 8.88 c/l on diesel and illuminating paraffin wholesale prices, with effect from 04 December 2024.
As per the provisions of the Self-Adjusting Slate Levy Mechanism, the Slate Levy on petrol and diesel will remain at 0.00 c/l with effect from 04 December 2024.