Record high petrol price hike hits South Africans
South African motorists will be feeling the hit at the pumps today as the price of all grades of petrol rose by 28 cents a litre at midnight on Tuesday.
The increase put the cost of fuel at a record high of R12.22 per litre in Gauteng and R11.87 per litre for 95 octane petrol.
Diesel prices also rose by 9.4 cents per litre to R10.98 in Gauteng and R10.73 per litre at the coast. Paraffin will cost up to 12 cents more.
READ MORE FROM AFRICAN BUSINESS REVIEW:
An increase in international oil prices was blamed for the hike by the Department of Energy last week, although the price for global diesel prices actually decreased in April. A weaker rand is said to have affected the increase.
The department has said that the situation is out of the government's hands and urged South Africans to be more fuel efficient as the country relies on oil imports from foreign countries.
This is the second consecutive month that consumers have been hit with a sharp increase, as in April consumers were forced to pay an increase of 71 cents a litre.
African Business Review is now available on the iPad. Click here to download it.
Like what you see! Signup for our weekly newsletter