January 29 2017 – THE retail price of both 93 and 95 octane petrol will be increasing by 29 cents a litre on Wednesday, February 1, says the energy department.
While the price of diesel will also go by 21 cents a litre and the wholesale price of illuminating paraffin will increase by 17 cents a litre because of an increase in international factors and currency fluctuations.
South Africa imports both crude oil and finished products at a price set at the international level, including shipping costs.
The prices of crude oil increased, on average, during the period under review.
“Oil prices rose on news that key crude exporters, including Saudi Arabia and Russia, were cutting production to reduce excess supply of crude,” the department said in a statement.
“Furthermore, the US inventory data showed that the global market was tightening due to lower production by OPEC and other exporters.”
Those buying LP gas will have to cough up 21 cents more per kilogram.
Meanwhile the rand also strengthened against the US Dollar from R13.87 to R13.60, on average, during the period under review when compared to the previous one reducing the price increases by 12 cents per litre. – ANA visit www.zimsinsa.com