Petrol price to go up by six cents

The price of petrol will on Wednesday increase by six cents a litre, the Department of Energy has said.

The prices of diesel and paraffin will decrease by 62 cents and 63 cents. The price of illuminating paraffin will also decrease by 59 cents.

The department explained that the main reason for the decrease in diesel and paraffin prices is the oversupply of middle distillates such as diesel and illuminating paraffin in the global market.

“This is mainly due to the fact that the Northern Hemisphere experienced mild winter season compared to previous periods. China contributed to the situation by exporting diesel into the market.

“On the other hand, the increase in the petrol price is mainly due to tightness in the market because some major refineries in the USA were on unplanned shutdown. The weakening of rand against the US Dollar contributed massively to the current fuel price adjustment,” the department said.

SOURCE: SOUTH AFRICAN GOVERNMENT NEWS AGENCY