The Energy Department has announced that both grades of petrol, 93 and 95 octane will increase by 53 cents per litre from Wednesday 2 February.
The prices of diesel (0.05% sulphur) increases by 79.84 cents per litre, Diesel with (0.005% sulphur) increases by 78.84 cents per litre while illuminating paraffin will increase by R1.01 per litre.
The price of LP gas decreases by R1.24 per kg.
The Energy Department said the main reason for the fuel price adjustments are the average Brent Crude oil price increased from 76.00USD to 87.00USD during the period under review.
The department said the Rand also appreciated slightly, on average, against the US Dollar (from 15.92 to 15.51) Rand per USD during the period under review when compared to the previous one.
It said economic recovery even though still slow, is stronger than expected while on the other hand crude oil supply is lagging behind.
“Travelling continued in general globally, amid fears posed by Covid-19 omicron variant, due to higher vaccination rates as compared to the previous variants. As a result, the less strict lockdowns led to continued increase in demand for oil. Concerns regarding the tension between Russia and Ukraine have also affected crude oil prices negatively as the area is a crucial oil and gas infrastructure hub.”
The department said there is a decrease in the Slate levy.
“A decrease of 13.16 c/l (i.e., from 43.86 c/l to 30.70 c/l) will be implemented into the price structures of petrol and diesel in line with the Self-Adjusting Slate Mechanism rules effective from the 2nd of February 2022.”
South Africa’s fuel prices are adjusted on a monthly basis, informed by international and local factors.