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Pain at the pumps continue in May


The Department of Energy has attributed a stronger Rand relative to the US Dollar and strengthening international oil prices as the main reasons for the second substantial fuel price increase this coming Wednesday (1 May).

In a statement, the Department announced that the price of petrol will increase by 54 cents a litre, diesel by one cent and illuminating paraffin by between three and four cents.

“The Rand appreciated against the US Dollar during the period under review, on average, when compared to the previous period. The average Rand/US Dollar exchange rate for the period 29 March 2019 to 25 April 2019 was 14.14 compared to 14.38 during the previous period. This led to a higher contribution to the Basic Fuel Prices on petrol, diesel and illuminating paraffin by 13.31 c/l, 13.56 c/l and 13.49 c/l respectively,” the statement read.

By mid-morning on Monday (29 April), the national currency was trading at R14.34 to the greenback with Brent Crude Oil at $71.28 a barrel.

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