Another consumer price hike shock hit consumers this week with the steep rise in fuel prices.
Rising oil prices are the main driver behind the increases, while a stronger rand versus the dollar has curtailed some of the damage.
The increases have pushed 95 petrol above the R20/F mark once again.
The only good news in fuel adjustments is a lower maximum retail price for LP gas, which will be decreasing by R1,24.
The full list of changes is as follows:
Petrol 95: increase of 53c/F
Petrol 93: increase of 53c/F
Diesel 0,05%: increase of 80c/F
Diesel 0,005%: increase of 79c/F
Illuminating Paraffin: increase of 101c/F
Booming demand, scratchy supply and dwindling stockpiles has helped crude soar in January, with top banks and oil companies saying prices may soon pass $100 a barrel, Bloomberg said.
The rand appreciated against the US dollar during the period under review, on average, when compared to the previous period.
The average rand/US dollar exchange rate for the period 31 December 2021 to 27 January 2022 was 15,5081 compared to 15,9196 in the previous period.
This led to a lower contribution to the basic fuel prices on petrol, diesel and illuminating paraffin by 25,98c/F, 26,24c/F and 26,19c/F, respectively.
Slate levy decrease
The combined cumulative petrol and diesel Slate balances at the end of December 2021 amounted to a negative balance of R3,490 billion.
In line with the provisions of the Self-Adjusting Slate Levy Mechanism, a Slate Levy of 30,70c/F (decrease of 13,16c/F) will be implemented into the price structures of petrol and diesel.
