South Africans will have to pay more when they head to the petrol station later this week. Wednesday 2nd October to be more precise, as the department of mineral resources and energy announced yesterday an increase in the petrol price.
The department noted that a litre of 95 (ULP and LRP) will cost a further 18 cents, with a litre of 93 (ULP and LRP) dropping slightly at four cents. For those in Gauteng, this means that a litre of 95 will go up from R16.03 per litre to R16.21 per litre.
Unfortunately both grades of diesel (0.05 and 0.005 percent sulphur) will also increase at 25 cents per litre.
The same goes for both wholesale and SMNRP illuminating paraffin, which go up by 25 cents and 33 cents respectively.
As for the reason for the increase, the department cited higher oil prices during the period under review compared to the previous one.
“The oil prices rose sharply after drones attacked two major oil facilities in Saudi Arabia namely, Abqaiq facility, which is the largest crude oil stabilisation plant in the world, and the Khurais oil field, which is the second largest oil field in Saudi Arabia, operated by Saudi Aramco on the 14th of September 2019,” it noted.
“The closure of these operations had an impact on nearly five million barrels of crude processing per day, affecting 5% of the world’s daily oil production,” added the department.
Whether this will be of any comfort to local drivers is slim at best, especially as the petrol price increased by 11 cents during September.
Should there be more instability in the Middle East region, South African drivers can expect to bear the brunt once again.[Source – SA News] [Image – Photo by Markus Spiske on Unsplash]