Faizel Patel, Radio Islam News - 30-09-2019
The Energy Department has announced the price of 95 octane petrol will increase by 18 cents per litre from Wednesday, 2 October while the price of 93 octane petrol will decrease by 4 cents per litre.
The prices of different grades of diesel go up by 25 cents per litre while illuminating paraffin will increase by 25 cents per litre.
The price of LP gas decreases by 17 cents per kg.
The Energy department says the main reason for the fuel price increases is the higher oil prices during the period under review when compared to the previous one.
"The average Brent Crude oil price increased from $58.86 US per barrel to $62.96 per barrel during the period under review."
The department also cited the drone attacks on Saudi Arabia oil facilities saying the closure of these operations had an impact on nearly five million barrels of crude processing per day, affecting 5 percent of the world’s daily oil production.
“The oil prices rose sharply after drones attacked two major oil facilities in Saudi Arabia namely, Abqaiq facility, which is the largest crude oil stabilization plant in the world, and the Khurais oil field, which is the second largest oil field in Saudi Arabia, operated by Saudi Aramco on the 14th of September 2019.
It says had it not been for the stronger rand during this period, the impact of the attacks on Saudi facilities on prices would have been more severe.
South Africa’s fuel prices are adjusted on a monthly basis, informed by international and local factors.