Consumers will pay R1.18/l more for both grades of petrol from Wednesday, 3 June.

 

File Photo.

Petrol prices are set to increase drastically from Wednesday,03rd of June.

Fuel prices are increasing across the board, according to a statement from the Department of Mineral resources and energy.

  • Petrol (both 93 ULP and LRP): 118c/l
  • Petrol (both 95 ULP and LRP): 118c/l
  • Diesel (0.05% sulphur): 22c/l
  • Diesel (0.005% sulphur): 21c/l
  • Illuminating Paraffin (wholesale): 40c/l
  • SMNRP for IP: 54c/l
  • Maximum LPGas Retail Price: 198c/kg

“The main reason for the higher oil prices is that OPEC, Russia and other oil producing nations agreed to reduce oil production by about 10 million barrels per day during a meeting in April 2020. This effectively removed about 10% of global supply of oil,” the department said. 

The average price for Brent Crude oil also increased from $20/bbl to about $27.63/bbl. 
 
There have been significant fuel price reductions over the past few months due to a plummet in oil prices.
 
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