Here are the facts and figure, folks. Look away now if you’re a bit squeamish…
. Petrol (95 Octane, ULP and LRP): 49.00 cents per litre INCREASE
. Petrol (93 Octane, ULP and LRP): 49.00 CPL INCREASE
. Diesel (0.05% sulphur): 30.00 CPL INCREASE
. Diesel (0.005% sulphur): 32.00 CPL INCREASE
Though the Rand has shown small signs of recovery (going from ‘bad’, to ‘slightly less bad’), The DoE cite that the hike in prices comes as a result of our currency’s performance in the last month overall. The cabinet reshuffle was, predictably, the main cause for a weakening against the dollar, driving up the cost of crude oil in this country.
The DoE also went on to blame the rising cost of petroleum products on a global scale, stating the price inflation is ‘keeping in line with international markets’
It becomes another stern test facing Malusi Gigaba, who was enjoying a relatively positive week after the rand rallied against the dollar. That early optimism will have to be quelled for now, and Gigaba must use all his experience in a senior finance role to ride this one out. All four weeks of them.
The changes come into effect from Wednesday 3rd May. So if you need to fill your car up, you might want to do it sooner rather than later.