Petrol going up 93 cents

The retail price of all grades of petrol will increase by 93 cents per litre (c/l) on Wednesday September 5‚ the Department of Energy announced on Friday.

The price of 0.05% sulphur diesel will cost 69c/l more while that of 0.005% sulphur diesel will rise by the same amount.

The Minister of Energy on August 24 approved that the retail margin on all grades of petrol be increased by 3.5c/l from 91.8c/l to 95.3c/l with effect from 5 September.

This increase‚ the department said‚ was necessary in order for service station operators to finance the wage increases for service station pump attendants and cashiers agreed upon at the Motor Industry Bargaining Council (MIBCO) in September 2010.

This increase in the retail margin to accommodate wage increases is ring-fenced and should be excluded from determining rental fees between service station operators and service station investors‚ the department said.

During the period under review‚ the average international product prices of petrol‚ diesel‚ and illuminating paraffin increased.

The average rand/dollar exchange rate weakened when compared to the previous period‚ the CEF reported.

The average rand/dollar exchange rate for the period July 27 to August 30 was 8.2758 compared to 8.2657 during the previous period.

Petrol 95 ULP octane in Gauteng will now cost R11.97 a litre‚ while at the coast it will cost R11.62 per litre.

The single maximum national retail price for illuminating paraffin will increase by 97c/l to R8.34 per litre.

The maximum retail price for liquid petroleum gas will increase by R1.29 cents per kilogram.

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Petrol going up 93 cents