SABC News - Consumers to pay more for petrol – Energy Department:Friday 28 October 2016

Consumers to pay more for petrol – Energy Department

Friday 28 October 2016 17:04

SABC

The department attributed the hikes to, among others, the increase in the prices of petrol, diesel and illuminating paraffin in the international markets, as well as the increase in the price of crude oil.(SABC)

Consumers will face yet another fuel price increase from next Wednesday. The Energy Department has announced that the retail price of 93 and 95 petrol will rise by 45 cents a litre, while diesel will cost 63 cents more.

The department says price of Illuminating Paraffin will rise by 57 cents a litre. Users of cooking gas will pay 50 cents extra per kilogram.

Economist Lesiba Mothatha attribute the latest increases to higher prices of crude oil due to production restraint by OPEC members:

"Prices are going to go up again putting further strain on consumers that already feeling a pinch weakened economic outcomes - this increase reflects the outcome of what's happening in the OPEC countries. Saudi Arabia has committed to decreasing the supply which is creating upward pressure."  

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