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December petrol price will hit R20.29/l in Gauteng

Due to the weaker rand and higher crude oil prices.
Image: Moneyweb

Fuel prices will rocket further from December 1, with the price of 95 unleaded set to hit a record R20.29/l in Gauteng and other inland provinces, while both 93 unleaded and LRP will cost R20.07/l.

This comes as the Department of Mineral Resources and Energy (DMRE) announced that all grades of petrol will increase by 75 cents per litre nationwide from Wednesday.*

The department had originally announced a hike of 81 cent per litre on Monday (November 29), but on Wednesday said the petrol price increase should have been 75 cents a litre. It apologised for the error.

Read: DMRE’s petrol price blunder: December hike actually 75 cents a litre

The continued surge in SA fuel prices comes largely on the back of a weakening rand and higher international crude oil prices. In November, the petrol price was hiked by R1.21 a litre.

With the December hike, it means that the petrol price has shot up by over 10% for the last two months of the year and by over R5-a-litre or around 35% since the beginning of the year.

The DMRE confirmed that diesel 0.05% and 0.005% sulphur will increase by 72.5 cents per litre and 74.5 cents per litre, respectively.

This will mean that diesel 0.05% will cost around R17.91/l and diesel 0.005% sulphur R17.97/l inland, while in the coastal provinces it will cost around R17.30/l and R17.37/l, respectively.

Coastal petrol prices

With the price of all grades of petrol increasing by 75 cents-a-litre in December, the price for 95 unleaded in coastal provinces is set to hit R19.57/l. The coastal price for 93 unleaded and LRP will hit R19.55/l.

Meanwhile, the price of illuminating paraffin (wholesale) will increase by 42 cents per litre and the maximum LPGas retail price will surge by a whopping R1.83 a kilogram.

Read: Fuel inflation the biggest risk in Sarb’s repo rate decision

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In terms of purchasing power, petrol is still cheap compared to the average cost over the past 30 years. There is room for the fuel price to rise to R35 per litre before it hits the average price of the last 3 decades. Believe it or not, the current price is below average in historic standards.

Everyone should determine for himself which percentage of his salary is spent on fuel, and compare that cost to how much fuel his salary could buy in the past.

Fuel is cheap in real terms. Money is worthless. The impact is the same. We cannot afford it. Inflation is a stealth tax. The government has spent our money on social grants, and now we have to go back to the donkey cart.

End of comments.

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