It’s not good news for embattled motorists in South Africa as a larger-than-expected increase in fuel prices is set to take effect at midnight on Wednesday 2 August 2023.
The Department of Mineral Resources and Energy has released the official figures, revealing a substantial rise in petrol and diesel prices.
Petrol and Diesel Price Hike
The August fuel price increase will add 37 cents per litre for both Petrol 93 and Petrol 95, while diesel will see an increase of 72 cents per litre for Diesel 0.05% and 71 cents per litre for Diesel 0.005%.
This means that motorists will now have to pay R22.83 per litre for the top-grade petrol and R20.21 for 50 ppm diesel inland.
Along the coast, the prices will be slightly lower at R22.11 per litre for top-grade petrol and R19.81 for 50 ppm diesel.
Fuel Price Indicators
In addition to the petrol and diesel price hikes, illuminating paraffin will also see an increase of 71 cents per litre.
However, LPGAS will experience a decrease of 161 cents per kilogram.
Exchange Rate Impact
The recent appreciation of the South African Rand against the US Dollar has had a mitigating effect on the fuel price increase.
The exchange rate, which moved from 18.6 to 18.2 between 30 June 2023 and 27 July 2023, resulted in a lower contribution on petrol, diesel, and illuminating paraffin prices by 27.46 c/l, 26.64 c/l, and 27.11 c/l, respectively.
August Fuel Price Increase at the Pumps
To provide a clearer picture of the price changes, here are the fuel prices for both inland and coastal regions in July and August:
Inland:
– 93 Petrol: R22.06 (July) ➔ R22.43 (August)
– 95 Petrol: R22.46 (July) ➔ R22.83 (August)
– Diesel 0.05%: R19.49 (July) ➔ R20.21 (August)
– Diesel 0.005%: R19.81 (July) ➔ R20.52 (August)
– Illuminating Paraffin: R13.92 (July) ➔ R14.63 (August)
– LPGAS (per kg): R31.11 (July) ➔ R29.50 (August)
Coastal:
– 93 Petrol: R21.34 (July) ➔ R21.71 (August)
– 95 Petrol: R21.74 (July) ➔ R22.11 (August)
– Diesel 0.05%: R18.76 (July) ➔ R19.48 (August)
– Diesel 0.005%: R19.10 (July) ➔ R19.81 (August)
– Illuminating Paraffin: R13.00 (July) ➔ R13.71 (August)
– LPGAS (per kg): R28.53 (July) ➔ R26.92 (August)
Conclusion
Motorists in South Africa are facing the brunt of another fuel price increase in August 2023, with substantial hikes in petrol and diesel prices.
While the appreciation of the Rand has partially offset the impact, it still presents a significant burden for drivers across the country.
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