Fuel hike, now its ‘hitting home’

ITS HITTING home now with major fuel price increase from this Wednesday.

Petrol goes up by 53c/and diesel by up to 80c. Illuminating paraffin rises by 101c/l.

In Gauteng the wholesale price of high 500 ppm diesel rises to R18.05, while 50 ppm low-sulphur diesel increases to R18.07. Illuminating paraffin will be R11.98/from Wednesday.

The 53c price increase applies to both grades of petrol, with 93 unleaded rising to R19.89/l and 95 unleaded increasing to R20.14/l in Gauteng.

The department of mineral resources and energy reported that the rand appreciated from 15.91 to 15.50 against the US dollar during the period under review, leading to a lower contribution to a lower basic fuel price.

However, increased crude oil prices and a negative slate levy balance of R3.49bn necessitated the price hikes.

“In line with the provisions of the self-adjusting slate levy mechanism, a slate levy of 30.70c/l (decrease of 13.16c/l) will have to be implemented in the price structures of petrol and diesel with effect from February 2 2022,” said the department.

Fuel prices, which are changed on the first Wednesday of every month, peaked in December when petrol hit more than R20 for the first time, and motorists received a short-lived reprieve in January when petrol dropped up to 71c and diesel up to 69.80c/l.

When the new prices take hold at midnight on Tuesday, petrol will be more than 28% higher and diesel around 33% higher compared to February 2021

Yes, it seems days of gallivanting will be over soon, if not already.

Tighten up your belts boys and girls…

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