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Wednesday / 19 June 2024
HomeNewsOfficial petrol price increases for July – Minimum of R2.30 per litre

Official petrol price increases for July – Minimum of R2.30 per litre

The Department of Energy has announced the latest fuel price adjustments for July 2022, which will take effect from this Wednesday, 6 July.

According to BusinessTech, petrol prices are rising by as much as R2.57 per litre for Petrol 95 whereas Diesel 50ppm is going up by R2.31 per litre.

The large increase in prices is partially the result of the return of the General Fuel Levy (GFL) which alone adds 75 cents to the cost of a litre.

The government is rolling back on policies that were introduced to alleviate the rising cost of fuel, including a “tax holiday” that saw as much as R1.50 being taken off the cost of petrol, resulting in the GFL now being valued at R3.19 per litre for petrol and R3.05 per litre for diesel.

The Department of Energy is also investigating other solutions to combat the rise in petrol costs, including the possibility of deregulating fuel prices.

Fortunately, however, there were no changes in the country’s Slate account in June and as such, the rise in fuel prices is mainly attributed to external factors.

Accounting for these factors, here are the official fuel price adjustments for July 2022:

Fuel type Inland
Petrol 93 Increase of 237c/l
Petrol 95 Increase of 257c/l
Diesel 0.05% Increase of 231c/l
Diesel 0.005% Increase of 230c/l
Illuminating Paraffin  Increase of 166c/l

The increase in the Basic Fuel Price (BFP) is mostly due to the rising international prices of petrol and diesel, as the rand somewhat held firm against the US dollar in June.

Whereas international prices for petrol, diesel, and illuminating paraffin rose consistently, the Rand appreciated against the U.S dollar during June, which led to a lower overall impact on the BFP in South Africa.

Therefore, the prices at the pump will be as follows in July 2022:

Fuel type Inland Coastal
Petrol 93 R26.31 R25.66
Petrol 95 R26.74 R26.09
Diesel 0.05% R25.40 R24.75
Diesel 0.005% R25.53 R24.89
Illuminating Paraffin  R19.86 R19.15

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