This is the fourth consecutive month for the country’s fuel prices to increase….reports Asian Lite News
The Department of Mineral Resources and Energy has announced that petrol, diesel, and liquid petroleum gas (LPG) prices in South Africa will rise starting this Wednesday. This increase is attributed to a combination of local and international factors.
As South Africa imports crude oil and finished products at a price set at the international level, including importation and shipping costs, the country’s petrol, diesel, and illuminating paraffin will see different price increases, Xinhua news agency quoted the Department as saying.
This is the fourth consecutive month for the country’s fuel prices to increase.
The average international prices of petrol, diesel, illuminating paraffin, and LPG increased during the period under review due to factors including refinery shutdowns in the USs, according to the statement.
It noted that the South African currency rand’s depreciation against the US dollar led to higher contributions to the basic fuel prices of petrol, diesel, and illuminating paraffin.
The Department said it believes that the exploration and development of national oil and gas reserves could help moderate the impact of high prices in the long term.