Motorists are expected to take a hard knock in the month of June as petrol prices will experience a sharp increase, according to the Department of Energy.
After two months of much-needed drops in fuel prices due to a drop in demand, June is expected to hit motorists returning to the roads hard.
The price of petrol, both 93 and 95, will increase by R1.18 per litre. Diesel 0.05% will experience a 22 cents per litre increase and Diesel 0.005% will increase by 21 cents per litre.
Illuminating paraffin will rise in price by 40 cents per litre.
“The global lockdowns under COVID-19 saw fuel demand plummet. The resulting oversupply left storage bunkers full, with the extraordinary outcome that oil prices in the USA briefly dipped below zero. This is not unexpected, and South Africans should remember that the fuel price (in May was) around R4 per litre lower than it was before the COVID-19 crisis hit. Fortunately, the rand has strengthened during May, which has helped insulate the country from some of the rise,” explained the Department of Energy.
The increase in fuel prices is largely being attributed to the return of most economies in June, following a period of absence during the lockdown that affected most of the world.