Fuel Prices Hit Record High
South African motorists face record fuel prices from Wednesday, with 95 Unleaded petrol expected to top R30 a litre in Gauteng and diesel prices heading even higher. The price increases are due to elevated international oil prices and Middle East tensions.
Global Newsflix 2 min read
The Department of Mineral and Petroleum Resources has announced significant increases for both petrol and diesel, effective from October 7. The price of 95 Unleaded petrol will rise by R3.33 per litre, while 93 Unleaded petrol will increase by R3.12.
The wholesale price of 500ppm diesel will rise by R2.84 per litre, and 50ppm diesel will increase by R3.24. Illuminating paraffin will rise by R3.58 at wholesale level.
In Gauteng, 95 Unleaded petrol will cost R30.25 per litre, while 93 Unleaded petrol will cost R29.88. At the coast, 95 Unleaded petrol will cost R29.38 per litre.
The Congress of South African Trade Unions (COSATU) is calling on Parliament to urgently pass a Special Appropriation Bill to unlock R10 billion for fuel-price relief. The trade union federation says the money should be channeled through the Central Energy Fund’s Equalisation Fund.
COSATU Parliamentary Co-ordinator Matthew Parks says it is critical that Parliament passes this bill as a matter of extreme urgency. The latest fuel price increases come after the government elected not to reintroduce fuel tax relief measures that assisted motorists earlier this year.
The price of 95 Unleaded petrol at the coast has risen by almost R10 this year, from R19.92 in March to R29.38 in October. 500ppm diesel has gone up by around R13, from R17.70 at wholesale in March to R31.08.
The average Brent crude oil price increased from $87.89 a barrel in August to $101 in recent weeks, due to continued US-Iran tensions and uncertainty regarding the flow of oil through the Strait of Hormuz.
Key facts
- 95 Unleaded petrol price to rise by R3.33 per litre
- 500ppm diesel price to rise by R2.84 per litre
- Illuminating paraffin to rise by R3.58 at wholesale level
- COSATU calls for urgent passage of Special Appropriation Bill for fuel-price relief
Three perspectives
Neutral
The fuel price increases will have a significant impact on South African motorists, with many facing increased costs for transportation. The government's decision not to reintroduce fuel tax relief measures has been criticized by some. The situation will be closely watched in the coming weeks.
Positive
The Congress of South African Trade Unions' call for urgent passage of a Special Appropriation Bill for fuel-price relief may provide some relief to motorists. The bill could help ease the cost-of-living pressures facing workers and lower inflation.
Negative
The record-high fuel prices will have a devastating impact on many South Africans, particularly those who rely on transportation for their livelihood. The government's inaction on fuel tax relief measures has been criticized by some as inadequate.
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