Petrol set for massive hike

The retail price of all grades of petrol will increase by 81 cents a litre from Wednesday (6 March), the energy department said on Friday.

Both diesel with 0.05 and 0.005 percent sulphur content would go up by 58.3 cents a litre wholesale.

The wholesale price of illuminating paraffin would go up by 57 cents a litre, and the Single Maximum National Retail Price (SMNRP) would rise by 76 cents a litre.

The maximum retail price for LP gas would go up by R1.18 a kilogram.

The department said that during the period under review the average international product prices of petrol, diesel, and illuminating paraffin had increased.

The average rand/US dollar exchange rate had weakened when compared to the previous period, and this had increased the contribution to the basic fuels price on petrol, diesel, and illuminating paraffin.

It follows a rise in the retail price of all grades of petrol, by 41c a litre on February 6.

Moreover, Finance Minister Pravin Gordhan announced in his 2013 Budget Speech earlier this week, that the RAF levy will increase by 8 cents and the fuel levy by 15 cents a litre of petrol.  This would take effect on April 1.

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Petrol set for massive hike