Another substantial fuel price hike in July

Another substantial fuel price hike in July

Under-pressure consumers will pay substantially more for petrol and diesel in July, the Department of Mineral Resources and Energy announced on Tuesday.

refuel petrol station pixabay

At midnight on Wednesday, the price of 93 octane petrol will jump by R1.63 a litre, while 95 octane will be R1.72 a litre more expensive.

The department released the adjustments on Tuesday afternoon.

Diesel will increase by R1.73 and R1.69 a litre while illuminating paraffin will increase by R2.14 per litre.

In a statement, Minister of Mineral Resources and Energy Gwede Mantashe said one of the main contributing factors to the rise in prices is the increase in the global oil price.

"The rand strengthened, on average, against the US dollar during the period under review when compared to the previous one.

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"This led to higher contributions to the basic fuel prices of petrol, diesel and illuminating paraffin of about 34.00 cents per litre.

"The main reason for the higher oil prices is that major economies around the world began to ease the coronavirus lockdown measures amid the production cut by OPEC and Russia."

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