Categories: News

Here are fuel prices for December 2021

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Staff Writer

Pretoria | New fuel price adjustments for December from the Department of Energy indicate yet another big spike in South African petrol and diesel prices this week.

There will be the following price modifications in effect on Wednesday, December 1st, according to the department:

  • Petrol 95: 81 cents per liter price rise;
  • Petrol 93: 81 cents per liter price rise;
  • Increase of 73 cents per litre for diesel at 0.05 percent
  • Diesel 0.005 percent: 75 cents per liter price rise;
  • 42 cents per liter more every liter of Illuminating Paraffin.
  • Higher oil prices and a weaker rand are to blame for the rise in pricing.

This time saw the rand fall against the US dollar on average (from R14.72 to R15.85). In the end, the price of gasoline, diesel, and illuminating paraffin rose by more than 34 cents per liter as a result of this.

There was an increase in the average Brent Crude oil price over this period from $82.50 to $83.

Non-OPEC and other oil producers’ lackluster response to rising global demand is the primary motivator. As a result, there is a mismatch between demand and supply, which means that the market can’t offer enough oil goods.

By releasing oil from their stockpiles, the US and other major oil consumers are attempting to lower high oil prices, while OPEC and Non-OPEC members are unwilling to boost oil production to meet the global recovery need.

“It’s crucial to remember that fuel costs are growing all across the world because of high crude oil prices. According to the Department of Transportation, “record pump prices have been experienced in numerous countries.”

As a result of rising worldwide fuel prices, commuters’ transportation costs have increased, according to the Department of Transportation. In addition to the increase in gasoline prices, the company stated it is also making margin adjustments on fuel pricing and revising the slate levy.

The minister of Energy approved a net rise of 17.84 cents per liter in the yearly margin adjustments on petrol and a net increase of 8.20 cents per liter on diesel and illuminating paraffin wholesale prices, effective December 1, 2021, in accordance with the Regulatory Accounting System (RAS).

There will be a rise of 26.30 c/l in gasoline and diesel prices in accordance with the Self-Adjusting Slate Mechanism guidelines.

There will be no more daily over or under-recovery statistics for fuel prices in South Africa, according to the Department of Mineral Resources and Energy.

This data was historically utilized by companies and media organizations to estimate monthly rises and declines in the price of gasoline. A daily update has been discontinued by the department in favor of a bi-monthly update — once in the middle of the month and once at the end of the month, respectively.

At the conclusion of each month, the Central Energy Fund (CEF) will provide an update to its database.

This decision by the Automobile Association was criticized by the organization, claiming that keeping the information hidden is not in the best interest of motorists and customers, who are now unable to adequately plan for price fluctuations.

Staff Writer

Published by
Staff Writer