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Petrol up, diesel down from Wednesday

This follows warnings by economists who predicted an 18 cents increase for a litre of petrol.

Picture: EWN.

JOHANNESBURG - The energy department has announced that the price of petrol is going up by 12 cents per litre on Wednesday.

It says diesel will go down by between one and two cents per litre, while illuminating paraffin will decrease by 9 cents per litre.

The main reasons for the fuel price adjustments in May 2016 include the average increase in the prices of petroleum products in the international markets as well as the strengthening of the rand against the US Dollar during the period under review which cushioned the price adjustments by over 25 cents per litre.

It says the prices of petrol increased more significantly than the prices of diesel due to higher demand for petrol in USA and Europe as they move towards their summer season.

The energy department's Robert Maake says changes in international markets have contributed to the adjustments.

"The reason for this price change is mainly the increase in the crude oil price during the period under review, which led to an increase in the price of this petroleum product in the market."

The announcement by the energy department today follows an increase last month.

At the time, the department had attributed increases to the increase in fuel levies, transportation costs and the average increase in the prices of petroleum products in the international markets.

Economists say South African consumers will have to budget strictly and prepare for a major hike in food prices as the country battles a crippling drought.

They're predicting at least a 50 percent hike on the price of red meat because of the drought.

LISTEN: How to deal with high food costs