The Mineral Resources and Energy Department has announced a massive increase in the price of Petrol and Diesel that will kick in from Wednesday. Motorists will face large fuel price hikes, as the levy cut falls from R1.50 a litre to 75c.
Petrol prices will be hiked by R2.37 (93) and 2.57 (95) a litre, while diesel prices will rise by R2.31 (0.005% sulphur) a litre, the Department of Mineral Resources and Energy announced on Monday.
In Gauteng, from Wednesday, a litre of 95 petrol will cost R26.74. This is 54% more than it cost in the previous year, where a litre cost R17.93. Illuminated paraffin prices will increase by R1.66 a litre.
The sharp fuel price increases are as a result of higher average international oil price during the month of June, the strengthening of the Rand was not enough to make a difference, the Department say.
The temporary ‘tax holiday’ that will eb reduced from R1.50 per litre to 75 cents per litre is another blow for motorists and commuters from July 6. The energy department said the fuel levy will get back to normal from August, meaning South Africans will once again be paying the full or somewhat excessive R6.11 in taxes for every litre from next month.
The department reiterated that the temporary fuel price relief will be withdrawn from 3 August 2022.