Motorists across the country were hoping for a decrease in the petrol price but in a recent statement released by the Department of Energy the cost for 93 and 95 octane petrol remain unchanged with diesel and paraffin prices spiking.
Minister of Energy, Jeff Radebe, announced the adjustment of the fuel price effective from November 7 2018 – contributing the price changes to several factors.
The price of petrol remains unchanged due to the rand’s appreciated strength against the US dollar, moving from R14.49 to R14.79. The increase in the strength of the rand resulted in maintaining current petrol prices for the month of November.
Attributing factors to the change and rise in both diesel and paraffin costs is the average price of Brent crude oil, increasing due to uncertainty in the US sanction on Iran and ongoing trade tensions between United States and China.
Other attributing factors to current changes between petrol and diesel costs also include international fuel prices as stated by the Department of Energy.
“The price differential between petrol and diesel widened during the current fuel pricing review period due to concerns of regional supply in the US South East boosted North Western European and US East coast diesel prices and the Northern hemisphere approaching winter season,” said the department.
Diesel prices are will skyrocket by 48 cents respectively with paraffin increasing by 28 cents.
— Department of Energy (@Energy_ZA) November 5, 2018