Cape town: The Department of Mineral and Petroleum Resources (DMPR) has announced a significant increase in fuel prices, ranging from 20 cents to 65 cents for various fuel types, effective from Wednesday. This adjustment is influenced by both local and international factors impacting the fuel market.

According to South African Government News Agency, the price of Petrol 93 (ULP and LRP) and Petrol 95 (ULP and LRP) will see an increase of 20 cents. Diesel with 0.05% sulfur content will rise by 62 cents, while diesel with 0.005% sulfur content will increase by 65 cents. Illuminating Paraffin, on a wholesale basis, will go up by 44 cents, with the Single Maximum National Retail Price for Illuminating Paraffin increasing by 58 cents. Additionally, the Maximum Retail Price of LP Gas will see a 23-cent rise, with a specific increase of 26 cents per kilogram in the Western Cape.

The average Brent Crude oil price increased from 64.08 USD to 69.08 USD during the review period. This rise is attributed to higher shipping rates and geopolitical tensions, particularly between the US and Iran, which pose a risk to crude oil supply through the Strait of Hormuz. These conditions have led to increased international product prices, contributing to higher Basic Fuel Prices for petrol, diesel, and illuminating paraffin by 37.53 cents, 81.36 cents, and 63.81 cents per litre, respectively.

The DMPR also noted that Propane and Butane prices rose due to cold weather in the Northern Hemisphere and tighter global supply. Additionally, the Rand’s appreciation against the US dollar, from R16.31 to R16.00 per USD, has further impacted fuel prices, contributing an additional 16.96 cents per litre for petrol, 19.20 cents for diesel, and 19.21 cents for illuminating paraffin.