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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