There will be pain at the pumps this festive season as fuel price hikes for both petrol and diesel set to come into effect today.

On Tuesday, the Department of Mineral and Petroleum Resources confirmed, the price of both grades of petrol will increase by 17 cents per litre, while diesel will rise by between 55 cents (500ppm) and 56 cents (50ppm).

This means a litre of 95 Unleaded petrol will now cost R20.68 at the coast and R21.47 in the inland regions, where 93 Unleaded will be pegged at R21.15.

The wholesale price of 50ppm diesel now rises to R18.57 at the coast and R19.33 inland. Retail prices vary between outlets.

Although the average international price of Brent Crude oil dropped from $73.28 to $72.70 (R1 325 to R1 314) during the review period that determined December’s fuel price structure, a weaker rand, wiped out those savings.

The local currency depreciated from an average of US $17.53 during the preceding review period to $17.93, largely as a result of Donald Trump's US election victory and fears over his foreign economic policies.

While international petrol prices were softer last month, seasonal demand drove up the price of diesel, leading to a higher increase for this fuel type.

The annual adjustment of industry margins, for storage, distribution and retail, also added 15.4 cents to December’s petrol price tally (and 8.8 cents in the case of diesel), the Department said.

However, petrol still costs R1.09 less than it did in January 2024, while diesel costs R2.02 less.

dailyvoice@inl.co.za

Daily Voice