File picture: Karen Sandison / African News Agency (ANA).

JOHANNESBURG - The price of all grades of petrol will increase by 22 cents a litre from Wednesday, December 4, the Department of Energy has confirmed, while diesel prices will drop by between 15 and 16 cents.

This will push the price of a litre of 93 Unleaded petrol up to R15.88 in the inland regions, with 95 Unleaded now costing R16:30, while those at the coast will pay R15.66 for their petrol.

The wholesale price of 500 ppm diesel will fall by 15 cents to R14.53 inland and R13.99 at the coast, while the lower-sulphur 50 ppm decreases by 16 cents, but bear in mind that these prices exclude the fuel station margins, meaning you will pay somewhat more than the aforementioned figures at the forecourts.

According to the Department of Energy, the main reason for the petrol hike is that the average price of Brent Crude oil increased from $59.72 to $62.68 during the month of November, while diesel prices decreased as a result of seasonal declines in demand for this particular fuel type as well as ample refinery supplies.

The rand put a little wind in the fuel price sail in November, having appreciated from R14.93 to R14.80. 

Fuel prices remain historically high, with 95 Unleaded costing just 83 cents a litre less than the all-time high recorded in October last year, after which a plunge in oil prices saw the cost of fuel plummeting by over R3 a litre. However, a stronger oil market has seen prices gradually rise in 2019.

IOL Motoring