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Petrol price hiked by 72 cents

The Energy Department has announced that the fuel price is set to rise by 72 cents and diesel will cost 65.20c/l more from 4 April.

Picture: EWN.

JOHANNESBURG - The Energy Department has announced that the fuel price is set to rise by 72 cents and diesel will cost 65.20c/l more from 4 April.

The wholesale price of illuminating paraffin will drop 2.30c/l, while the retail price of LPG will increase by 39.00c/kg.

One of the main reasons for the fuel price adjustments are the increase in the Fuel and Road Accident Fund Levies by 22.0cpl and 30.0cpl, respectively, as announced by the Minister of Finance in his Budget Speech on 21 February 2018.

Energy Minister Jeff Radebe has announced that from next Wednesday, consumers will have to fork out 72 cents more for 95 octane while 93 octane is going up 69 cents.

Senior manager for fuel pricing in the Energy Department Robert Maake said: “LP gas will increase by 39 cents per kilogram. And the main increase of these increases is the inclusion of fuel levy and the Road Accident Fund of 52 cents on both petrol and diesel, and also the adjustment to the transport tariffs.”

While there's frustrating news on the fuel front, there is some good news for homeowners.

The reserve bank has cut rates by 25 basis points.

This means the repo rate stands at 6.5% and the prime lending rate is at 10%.

Reserve Bank Governor Lesetja Kganyago made the announcement in Pretoria on Wednesday afternoon.

“The MPC decided to reduce the repurchase rate by 25 basis points to 6.5% with effect from 29 March 2018. Four members preferred a reduction while three members preferred an unchanged stance.”

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