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South Africa is set for another financial blow this week, as the national base petrol price will increase on Wednesday.
The Central Energy Fund on Friday announced the petrol price for a litre of 93 and 95 grades will increase by 11 cents from midnight on Wednesday.
Diesel however will drop by a little over 13 cents (for 0.05% sulphur) and 14 cents (0.005% sulphur) for each variant.
Although the rand was stronger against the US dollar during the period of review, global oil prices were much higher.
And considering the rand’s current position against the dollar, at R14.88, we could be looking at another petrol price increase for September.
Basically, if you should take away anything from this piece, you should think about putting some more juice in your car on Tuesday afternoon, rather than Wednesday afternoon.
Of course, it could be a lot worse.
— ZERA (@zeraenergy) August 3, 2019
In Zimbabwe, fuel prices are set to increase by 26% this week, fueled by hyperinflation, economic chaos and fuel shortages.
And hey, South Africa. At least we haven’t yet relived the hellish month in 2018 when the petrol price surged beyond the R17/litre mark.
Feature image: skitterphoto via Pixabay