(Photo: Pieter Cloete/Maroela Media)
The price of petrol and diesel rises at midnight on Tuesday, with fears that the conflict in the Middle East – and the effect it has on international oil prices – could further drive up fuel prices at home.
The average price of Brent crude rose from $64.08 to $69.08 for the period under review. The biggest contributing factors were higher shipping rates and the geopolitical uncertainty caused by the tensions between Iran and the US and Israel.
This could lead to disruption in the important Strait of Hormuz, with around 20% of all oil having to pass through this strait.
The tension between Iran and the US and Israel escalated into full-scale war over the weekend when the US and Israel attacked Iran. This led, among other things, to the death of Ayatollah Ali Khamenei, the Iranian Supreme Leader.
The Department of Mineral and Petroleum Resources says average international product prices have followed the trend of higher prices and this has led to a higher basic fuel price.
At the same time, the rand strengthened at least slightly against the dollar.
The joint balance fund levy stood at a positive balance of R5.9 billion for petrol and diesel at the end of January and the levy remains unchanged at this stage.
This is how prices are increased:
- Petrol 93-octane: 20c/ℓ more expensive
- Petrol 95-octane: 20c/ℓl more expensive
- Diesel (0.05%): 62c/ℓ more expensive
- Diesel (0.005%): 65/ℓc more expensive
- Bulk paraffin for lightening: 44c/ℓ more expensive
- Maximum retail price for paraffin: 58c/ℓ more expensive
- Maximum retail price for gas: 23c/kg more expensive; 26c/kg more expensive in the Western Cape
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