Petrol and diesel prices are set to increase from December 4, a not so great start to the New Year for motorists.
Image: Tumi Pakkies/Independent Newspapers
A litre of petrol will cost you between 12 and 13 cents more, come January 1, 2025.
The Minister of Mineral and Petroleum Resources announced the fuel price adjustments, adding that South Africa’s fuel prices are adjusted monthly, informed by international and local factors.
"International factors include the fact that South Africa imports both crude oil and finished products at a price set at the international level, including importation costs and shipping costs, among others," the Department of Mineral Resources and Energy stated.
The DMRE noted that the average brent crude oil price increased slightly while the average international product prices of petrol followed the increasing trend of crude oil, and the prices of middle distillates decreased slightly because of higher inventories for the winter season in the Northern Hemisphere.
"In line with the Working Rules to determine the Basic Fuels Prices (BFP), the differential between 95 and 93 octanes is adjusted on the first Wednesday of each quarter. The BFP Octane differential has changed during the previous quarter and therefore the retail prices of 95 and 93 petrol octanes will be different in each fuel-pricing zone with effect from January 1, 2025," the department added.
Chairman of the South African Petroleum Retailers Association (SAPRA), Henry van der Merwe, said the fuel price increases will place additional strain on motorists, however, he agreed with reports stating the reduction in illuminating paraffin prices will offer slight relief for households relying on it for heating and lighting.
He said this adjustment is particularly challenging for businesses and consumers alike.
"We urge all South Africans to adapt their fuel usage wherever possible and explore ways to mitigate the effects of rising costs. Holidaymakers travelling home will also need to factor in the extra increases," he said.
He further stressed the importance of supporting small businesses in the petroleum retail sector during this challenging period.
"As SAPRA, we continue to advocate for measures that can alleviate pressure on both consumers and our members," Van der Merwe said.
seanne.rall@iol.co.za
IOL