Fuel price increases expected in August

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Published Jul 26, 2017

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Johannesburg - Independent economist Fanie Brink on Wednesday

said fuel prices were expected to rise next week Wednesday.

“According to the latest

information from the Department of Energy announced this morning, it could be

expected that the price of petrol 93 (ULP & LRP) in Gauteng could

increase by 12.9 cents per liter on Wednesday, 2 August 2017 and the price of

diesel with a 0.005% sulphur content by 26.6 cents per liter,” said Brink.

Read also:  Economists predict big fuel price drop in July

Brink said that the crude

oil price dropped to $46.71 a barrel early in the month, but recovered quickly

to $50.59 a barrel. The increases in the average international prices of

petroleum products caused increases of 1.0 cents per liter in the price of petrol and 14.5 cents per liter in the price of diesel.

“The volatility in the daily

average exchange rate during the past month between R/$13.54 and R/$12.86 added

further expected increases of 11.9 cents per liter to the gasoline price and

12.1 cent per liter to the diesel price,” said Brink.

The final price changes

would be announced by the Minister of Energy on Friday.

BUSINESS REPORT ONLINE

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