SA motorists will need to dig deeper as the government announced a sharp hike in fuel prices from Wednesday.
Petrol prices — both 93 and 95 — will increase by R1.21/l and diesel will increase by R1.48/l. The wholesale price of illuminating paraffin will rise by R1.45/l, the department of mineral resources & energy said in a statement.
The increases are the result of local and international factors, including global oil prices and the weakening rand. The local currency lost as much as 0.68% on Monday, reaching R15.3627/$ in intraday trade.
The price of Brent crude oil has reached its highest level since October 2018. On Wednesday Brent futures settled up 99c, or 1.1%, to $84.71 a barrel.
On Friday, Stats SA announced producer price inflation for manufactured goods and services increased by 7.9% in September, up 0.7% from August.
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