Petrol price going up again

South Africa
The petrol price has tripled since January 2005. Picture: economists.co.za / eNCA
Petrol attendant puts petrol in a car. South African commuters have been reeling at the sharp increase in the price of petrol recently. Picture: Scott Smith / eNCA

 

The Department of Energy has announced that the price of petrol will go up by 41 cents, while diesel will increase by 17.8 cents.
 
It takes effect from Wednesday February 06 2013. 
 
Government says the average Brent Crude oil price has increased due to the United States debt crisis and Saudi Arabia has cut crude oil output. 
 
Another contributing factor has been the rand’s weakness against the dollar at R9.06.
 
Diesel with 0.05 percent sulphur would go up by 17.8 cents a litre wholesale, and diesel with 0.005 percent sulphur by 17.8 cents a litre.
 
The wholesale price of Illuminating paraffin would go up by 26 cents a litre, and the Single Maximum National Retail Price (SMNRP) would rise by 34 cents a litre.
The maximum retail price for LP GAS would go up by 73 cents a kilogram.
 
Economist Mike Schüssler says today's increase is only the beginning, " I think we will get another price increase in March and it will be a big one because of the weakening rand and higher oil prices." 
 
He says consumers are feeling the pinch because of other increases including electricity, "In four years the price of petrol has doubled." 
 
Petrol 95 ULP would cost R12.27, and 93 ULP and LRP R12.06 a litre in Gauteng.
 
Diesel 0.05 percent would cost R11.29 and diesel 0.005 R11.33 a litre in Gauteng.
 
The info-graph explained:
The petrol price has tripled since January 2005. 
In May 2005 prices peaked by 19 cents per litre to just over R5 but by September 2006 the prices had reached nearly R7. 
Relief came in February 2007 when the price dropped by 23 cents per litre to below R6. That was due to the rand/dollar exchange. 
By September 2008 petrol was past R10.50 with an increase of 78 cents and government blamed the weakening rand which was at R7.68 to the dollar. 
In January 2009, a strengthening rand to the dollar resulted in a R1.37 decrease in petrol to under R6.50 per litre - but a steady growth followed. 
Petrol price peaked to over R10 in May 2011 with a 29 cents increase. 
Just a year later in May 2012 – prices had pass the R12 mark due to a 28 cents. 
And by October 2012 the price of petrol was still over R12 with another increase of 12 cents. 

 

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