Petrol Price Hike Expected by Midnight in South Africa

Sourced from the South African

The petrol prices are expected to hike by midnight, following a whopping increase in oil prices triggered by the Ukraine-Russia conflict. Russia recently invaded Ukraine after months of brewing conflict between the two countries.

An article by Business Insider revealed that both grades of petrol would increase by R1.46 per litre. This petrol hike would have even been more severe if the Rand had not stabilised against the Dollar in the last few weeks.

In addition, the South African National Roads Agency (Sanral) increased payments at tolls by 5% on Tuesday.

“The tariffs are adjusted annually in line with the Consumer Price Index as obtained from Statistics South Africa,” Sanral said.

Motorists passing through the Mariannhill Toll Plaza will now have to pay an additional 50 cents in fees, while drivers of Class 4 heavy-duty vehicles will be paying R47.00. Sanral said the price increases will go towards improving road infrastructure and operational costs.

“We are counting on the public to support us in this endeavour, because without this key alternative source of funding, we would not be able to carry out some of our major works,” Vusi Mona, Sanral GM of Communications, said.

The Automobile Association (AA) added that massive fuel increases announced by the Department of Mineral Resources and Energy (DMRE) recently will have a sharp and immediate effect on the poor, and a long-term impact on inflation.

“These increases will certainly impact on every single South African given the reliance the country has on fuels for transportation, manufacturing and in the agricultural sector,” said the AA.

They also confirmed that the increases for March are mainly attributable to rising international petroleum prices as a result of Russia’s invasion of Ukraine. The group said that the outlook for April remains unclear but Russia’s recurring military action against Ukraine will definitely push international oil prices even higher.

By Zintle Nkohla

Follow: @nkohla_zintle

Follow: @ITNewsAfrica