Motorists will have to dig deeper into their pockets as the price of petrol is about to go up…
The Department of Mineral Resources and Energy confirmed the increases in petrol, diesel, and illuminating paraffin as of Wednesday 3 March 2021 (Tuesday at midnight).
Petrol will see an increase of a staggering 65 cents per litre while prices of different grades of diesel 500ppm and 50ppm will go up 54 cents and 56 cents, respectively.
The price of illuminating paraffin will also go up by 47 cents.
Factors that affected the price include the increased average international product prices for Petrol, Diesel and Illuminating Paraffin during the period under review.
The Rand appreciated against the US Dollar during the period under review, on average, from R15.09 to R14.76 when compared to the previous period, which led to a lower contribution to the Basic Fuel Prices on petrol, diesel and illuminating paraffin.
But while prices go up, so do the levies and South Africans overall cost of living.
Finance minister Tito Mboweni during his 2020/2021 budget speech last week mentioned an increase in fuel levies. Come April, motorists will be paying more on fuel levies regardless of price fluctuations.
An increase of 27 cents per litre will be implemented.
This comprises 15 cents per litre for the general fuel levy (GFL), 11 cents per litre for the Road Accident Fund (RAF) levy and 1 cent per litre for the carbon fuel levy.
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