JOHANNESBURG – The price of crude oil has hit the highest levels since July 2015. On Monday the price of oil was trading at R62.90 per barrel.
The increase in oil prices will certainly impact motorists. The Automobile Association has also warned that drivers have not fully seen the full effects of strong oil prices.
On Wednesday, November 1, the price of petrol rose by 4c to R13.62 a litre. Diesel went up by 23 cents for the standard 500ppm variety and 27 cents in the case of low-sulphur 50ppm.
Here’s what you’ll be paying at the forecourts:
According to the Department of Energy, November’s increases are mainly due to the South African rand, which weakened to an average of R13.62 in the October review period on which next month’s prices are based, from the previous month’s R13.13 average.
This counterbalanced the international petrol prices, which were actually lower in the month of October, although diesel prices were higher during the same period.