Brace yourselves for another hefty petrol price hike

Petrol pump. (File photo.)
Petrol pump. (File photo.)  Image: ERIC GAILLARD/REUTERS
Motorists can brace themselves for another whopping increase in the petrol price next week.

The price of both 93 and 95 octane petrol will increase by 67 cents per litre on Wednesday‚ the Department of Energy said.

Diesel will increase by 44c/l and the wholesale price of illuminating Paraffin by 49c/l. The retail price of LP Gas will go up by 86c/kg.

Last month‚ the petrol price went up by 19c/l.

The department attributed the latest fuel price hike to the rand depreicating on average against the US dollar during the period under review‚ an increase in the international prices of petroleum products‚ and an annual increase in the wages of forecourt staff.

“The Minister of Energy‚ Ms Mamoloko Kubayi has approved an increase in the retail margin of petrol of 4.6cpl to cater for the salary increase of 8.0% for pump attendants and 7.0% for cashiers and 7.5% for other administration staff in line with the Motor Industry Bargaining Council (MIBCO) agreement of 18 November 2016. This money must be ring-fenced for the wages of the forecourt staff‚” the department said.

Last month‚ the petrol price went up by 19c/l.

The main contributing factors for the rise in international prices of petroleum products‚ it said‚ were the increase in crude oil prices and the weaker rand‚ massive floods caused by the storm which forced several refineries to close along the US Gulf Coast‚ and Hurricane Harvey.

Harvey‚ ‚ the most powerful hurricane to hit Texas in more than 50 years‚ caused large-scale flooding and forced closure of Houston port and several refineries. This resulted in the supply shortage in the market which led to higher prices of petroleum products.

BY TIMESLIVE

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