Dept of Energy confirms fuel prices will go up on Wednesday

The Department of Energy on Thursday confirmed that fuel prices will increase for May 2017. In April, motorists were in for a treat as the petrol price decreased by between 24 and 22 cents.

According to the Department, the main reasons for the fuel price adjustments in May 2017 are:

• (a) The weakening of the Rand against the US Dollar during the period under review which contributed about 25 cents per litre on the fuel price increases, and
• (b) The average increase in the prices of petroleum products in the international markets in line with the higher crude oil prices.

"The crude oil prices have been slowly rebounding with refinery production starting to increase as the Northern Hemisphere summer driving season approaches," it added.

"Oil prices also settled firmer as support from an outage at the largest UK North Sea, Buzzard oilfield which produces 180,000 barrel per day, was offset by a surprise increase in US crude oil inventories."

Based on current local and international factors, the fuel prices for May 2017 will be adjusted as follows:

• Petrol (95 Octane, ULP and LRP): 49.00 c/l increase;
• Petrol (93 Octane, ULP and LRP): 49.00 c/l increase
• Diesel (0.05% sulphur): 30.00 c/l increase;
• Diesel (0.005% sulphur): 32.00 c/l increase;
• Illuminating Paraffin (wholesale): 34.00 c/l increase;
• SMNRP for IP: 46.00 c/l increase;
• Maximum LPGas Retail Price: 96.00 c/kg increase

 The fuel pricing schedule for the different zones will be published on Tuesday.