South Africa’s Department of Energy announced increases of pump pricing for January. Accordingly, a liter of petrol 93 unleaded petrol (ULP) and lead replacement petrol (LRP) will rise by $0.04 per liter, while a liter of 95 ULP and LRP will increase by $0.03 cents, Sweet Crude Reports informed.
Meanwhile, a litre of Diesel with 0.05% Sulphur and Diesel with 0.005% Sulphur will increase by $0.03.
The department attributed the increases to an augmentation in international fuel prices and currency fluctuations, eNews Channel Africa reported.
South Africa’s Rand strengthened very slightly against the US Dollar from R13.91 to R13.87, on average, during the period under review when compared to the previous one. This led to decreases in the contribution to the basic fuels price on petrol, diesel and illuminating paraffin by $0.13 per liter each.
In addition, the key factor that contributed to the increase in the prices of crude oil was the fact that OPEC members agreed to cut production by 1.2mb/d from January during their meeting that was held in Vienna, Austria, in November 2016. “Furthermore, Russia and other Non-OPEC producers also agreed to cut production by 600 000b/d,” the department added.