Rise in petrol prices

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SA Petrol prices for September 2018: Here’s what motorists will be paying

thesouthafrican.com

Sep 3, 2018 8:57 PM

So, the rise in petrol prices is going to be a little pinch rather than a sharp jab. Hopefully, we’ve got a first step in the right direction.

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The lightest of light relief has come to South African motorists this week. Minister of Energy Jeff Radebe has confirmed that his department is stepping in to ease the hikes in petrol prices.

Now, there will still be an increase of five cents per litre – in order to cover the costs of gas station employers and other admin staff. However, this is a much more easy-going rise than previously predicted: The AA had forecast an increase into double-digits last week.

Why the relief?

Radebe stated that all other fuel prices – namely diesel and illuminating paraffin – will not see any change for the month of September:

“South Africa has witnessed sustained increases in fuel prices for the past few months, which placed a strain on the consumers. Despite the fact that these increases were caused mainly by international factors, the department has decided to intervene temporarily for this month.”

“This is a once off temporary intervention to provide some relief to motorists and consumers against fuel price hikes. Except for the 4.9 cents increase on the retail margin of petrol referred to above other fuel prices remain unchanged.”

“The 4.9c/l salary increase is in line with the Motor Industry Bargaining Council (MIBCO) agreement of 18 November 2016. This annual increase is effective from 05 September 2018. This money must be ring-fenced for the wages of the forecourt staff.”

What petrol will cost in South Africa for September 2018

This is the maximum price of what your fuel will cost your per litre this month:

  • 95 Petrol – R16.08
  • 93 Petrol – R15.86
  • 0.05% Diesel (wholesale) – R14.41

The rand and petrol prices

The soaring fuel costs have walked hand-in-hand with an unstable performance from the rand. Following the Turkish Lira crash, our currency recorded its steepest drop in 10 years. While the currency has recovered slightly, the damage done by the drop is already likely to increase petrol prices in September.

Not all the blame for the rand’s poor performance can be put on international shoulders though. Local instability plays a role in investor confidence; the current socioeconomic and political malaise has done little to help the rand recover.

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