Cape Town - Drivers across the country have woken up to increased fuel prices this morning with petrol having shot up by an eye-watering R1.27 a litre, taking the price of a litre of unleaded 95 petrol to R22.95 when filling up inland and R22.30 on the coast.
This means that a 50 litre tank of fuel will now cost R61 more to fill, or R244 if filled four times during the month.
Wholesale diesel prices have increased by 30 cents and 31 cents a litre for 500ppm and 50ppm, respectively.
The increases, which came into effect at midnight, were first announced on Monday by Mineral Resources and Energy Minister Gwede Mantashe.
Mantashe said the price increase, which he referred to as “an adjustment”, was based on current local and international factors.
Fuel prices are modified on a monthly basis, informed by these factors, which include the fact that South Africa imports both crude oil and finished products at a price set at the international level, including importation or shipping costs.
Mantashe said the main reasons for the hike were fuel price adjustments to, among other things, the rand/US dollar exchange rate following the rand’s depreciation on average against the US dollar from 17.05 to 17.74.
Trade union UASA’s spokesperson Abigail Moyo said the knock-on effect of the higher fuel price would put transporters and commuters under extra pressure.
“The consumer will ultimately pay increased prices for transported goods and for public transport as goods and service providers will make sure their businesses stay afloat.
“Car owners and commuters will have to pull their belts tight against the onslaught of the increases,” Moyo said.
The AA said: “Ensuring vehicles are well maintained and in good mechanical condition, carefully planning routes, and avoiding heavy traffic, if possible, are some ways in which motorists can ensure better fuel consumption.”
Households reliant on gas for cooking will also need to dig deeper into their pockets.
A kilogram of LP Gas will cost a whopping R5.22 cents more, or close to R50 more for a 9kg bottle.