Mineral Resources and Energy Minister Gwede Mantashe announced on Saturday the adjustment of fuel prices based on current local and international factors, effective Wednesday, March 2, 2022.
The fuel prices for March 2022 will be adjusted as follows:
The price of petrol (both 93 and 95 ULP & LRP) will increase by R1.46/l, diesel (0.05% sulphur) by R1.44/l, diesel (0.005% sulphur) by R1.48/l, clarifying paraffin (wholesale) with R1.21/l, and the maximum LPG sales price with 70 cents/kg.
Mantashe said soaring crude oil prices were due to the escalating crisis between Russia and Ukraine, which led to a surge in crude oil prices over supply fears.
“Subsequent sanctions against Russia by the US and UK that have contributed to the rise in the price of crude oil. The Organization of Petroleum Exporting Countries (OPEC) and non-OPEC members are still failing to meet agreed production targets, leading to lower crude oil supplies and a rise in prices,” a spokesman said. statement of the Ministry of Mineral Resources and Energy said.
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