South Africa has announced an increase in fuel prices, informed by current local and international factors.
The Ministry of Mineral Resources and Energy will implement the changes from June 3, 2020, as a result of the change in prices of crude oil imports and finished products that are affected by international rates.
Immediate factors include the slight appreciation of the South African Rand against the US dollar – from R18.47 (£0.85) to R18.17 (£0.84) per $1 (£0.79) – allowing South Africa to purchase petrol, diesel and illuminating paraffin at lower rates.
On the other hand, with oil-producing nations reducing their output by ten barrels a day, the import cost of Brent crude oil prices has increased, further hiking the international prices of all refined petroleum products.
Considering all the above factors, the ministry has increased fuel prices for petrol, diesel, wholesale illuminating paraffin and Liquified Petroleum Gas.