Both leaded and unleaded petrol prices will increase by 29 cents per litre and 95 leaded and unleaded petrol by 26 cents per litre as of Wednesday, July, 7, as per the Department of Energy.
As for diesel, prices can be expected to rise by 42 cents per litre for 0.05% sulphur and 41 cents per litre for 0.005% sulphur.
The prices of petrol are largely dependent on the price of oil, as well as the strength of the rand (as South Africa must buy oil in dollar), as reported by Fin24.
Oil prices are currently at their highest price since 2018, after rocketing in recent weeks. This comes amid the expectations that global demand may return to pre-pandemic levels faster than anticipated.
According to Bloomberg, oil stockpiles are depleting as fast as fuel consumption rebounds. This is apparent in key regions including the United States and Europe.
As for the rand, it started at around R13.70/$ at the beginning of the month but was last trading at around R14.24/$.
The first week of June saw unleaded 95 petrol and unleaded 93 petrol cut by ten cents per litter. Meanwhile, diesel was raised by 20 cents per litre and 0.005% sulphur diesel increased by 21 cents per litre.