Fuel price set to increase as of midnight tonight


Cii Radio| Ayesha Ismail | 01 August 2017| 08 Zhul Qadha 1438

The petrol price will go up 19 cents at midnight tonight, the Department of Energy announced. Diesel will go up 30 cents.

In a statement issued, the department said the main reasons for the petrol increase was the slight decline in the rand against the US Dollar Exchange rate and increase in prices of petroleum products in the international markets, in line with the higher crude oil prices.

“The rand depreciated slightly on average, against the US Dollar during the period under review. This led to a higher contribution to the Basic Fuel Price on petrol, diesel and illuminating paraffin by 11.15c/l, 10.93c/l and 10.88c/l, respectively.

“The Crude oil prices rose, partly on drawdowns of global inventories including in the closely watched US market. The market has been anticipating a return to balance at some point this year and there are signs now that it is happening,” the department said.

Source – Northern Natal Courier