July fuel price confirmed - Here's what it means for your wallet
Petrol 93 and 95 will increase by 55 and 52 cents per litre respectively. Diesel 0.05% and 0.005% will hike by 82 and 84 cents per litre in wholesale price. Illuminating Paraffin will increase by 67 cents and 89 cents per litre.
The department said the rand appreciated against the US Dollar in June, which led to a lower contribution to the Basic Fuel Prices.
The fuel price increase is attributed to the average Brent Crude oil price increasing from 63.95 to 69.36 US Dollars. The main contributing factor is the recent tension in the Middle East, which raised fears of potential crude oil supply disruptions.
The average international petroleum product prices followed the increasing trend of crude oil prices. The department said this led to higher contributions to the Basic Fuel Prices. However, the prices of Propane and Butane decreased slightly.
The fuel price increase comes after the latest Household Affordability Index found that zero-rated foods in the household food basket increased by 4.1% in the year to June. The report compiled by the Pietermaritzburg Economic Justice & Dignity Group tracks the monthly prices of basic foods across the country.
As a result, many South African have taken to social media to express anger about the price hike, saying they are already struggling to make ends meet.
Let us know by leaving a comment below, or send a WhatsApp to 060 011 021 11.
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