April 5. There’s unwelcome news for motorists this week as the price of petrol at the coast is set to rocket by 54c a litre to around R9.72 at midnight tonight. Diesel will cost 69 or 70c extra, depending on the grade.
The Energy Department announced the new figures last week, citing the high cost of oil. The bad news for consumers is that experts believe the price of fuel will continue to soar later in the year, and expect it to touch the R10/litre mark.
The ongoing political volatility in the Middle East is driving the price of oil higher, forcing the spike in local prices.
Today, oil was trading at higher than $120 a barrel.
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