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Fuel price set to rise

2013-01-30 10:21
Fuel

SA DRIVERS TO FORK OUT MORE AT THE PUMPS: The weakening Rand/Dollar exchange rate will likely impact the retail price of petrol in SA.

JOHANNESBURG – The daily under-recovery reached 100.661 cents per litre (c/l) on January 29 2013 compared with an over-recovery of 3.855 c/l on January 1.

The change in the daily petrol price has largely been due to the weakening rand which moved from R8.5 per US dollar to R9.0675 in January 2013.

PETROL PRICE HIKE

The department of minerals and energy will likely implement a retail petrol price hike of about 42c/l on February 6‚ if the daily under-recovery remains near the January 29 level.

The wholesale diesel (0.05% Sulphur) price could rise by 19c/l.

An under-recovery means that the basic petrol price based on the daily product price and exchange rate is more than the basic fuel price used in the calculation of the monthly retail petrol price.

An under-recovery therefore implies that the retail petrol price will most probably be increased at the next monthly price adjustment‚ provided the government does not introduce a new levy or raise either the wholesale or retail margin.

 
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