Petrol price upswing no April Fool’s joke - CNBC Africa

Petrol price upswing no April Fool’s joke

Southern Africa

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Petrol 95 ULP & LRP is set to increase by 162.0 c/l in Gauteng and 160.0 c/l on the coast.

South Africa’s petrol price is set to increase on 1 April 2015, compounded by increases in the Fuel and Road Accident Fund (RAF) levies.

Petrol 95 ULP & LRP is set to increase by 162.0 c/l in Gauteng and 160.0 c/l on the coast, while 93 ULP & LRP is set to increase by 156.0 c/l and 154.0 c/l in Gauteng and on the coast, respectively.

Diesel (0.05 per cent) Wholesale will increase to 122.7 c/l in Gauteng and 120.5 c/l on the coast and Diesel (0.005 per cent) Wholesale will increase to 124.7 c/l in Gauteng and 122.6 c/l on the coast.

“The average international product prices of Petrol, Diesel and Illuminating Paraffin increased during the period under review,” said the Department of Energy.

“The average rand/US dollar exchange rate weakened when compared to the previous period. The average rand/US dollar exchange rate for the period 27 February 2015 to 26 March 2015 was 12.0423 compared to 11.5890 during the previous period.”

(READ MORE: Fuel price hikes to bite S.Africans ahead of Easter)

It added that the weakening of the rand against the US dollar increased the contribution to the Basic Fuels Price on petrol, diesel and illuminating paraffin by 23.0 c/l, 22.0 c/l and 22.0 c/l respectively.

South Africa’s Minister of Finance, Nhlanhla Nene said in his Budget Speech in February that the Fuel and the Road Accident Fund levies on petrol and diesel would increase by 30.5 c/l and 50.0 c/l respectively.

“With effect from 01 April 2015, the Fuel Levy on petrol and diesel will therefore amount to 255.0 c/l and 240.0 c/l respectively,” the department added.

“The Road Accident Fund Levy on petrol and diesel will amount to 154.0 c/l with effect from 01 April 2015.”

IP Wholesale will increase by 24.90 c/l and 24.60 c/l in Gauteng and on the coast respectively.

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