South Africa continues fuel price hike

Johannesburg, Oct 4 (IANS) The prices of petrol, diesel, and liquid petroleum gas (LPG) will increase in South Africa with effect from Wednesday due to local and international factors, the Department of Mineral Resources and Energy said.

As South Africa imports crude oil and finished products at a price set at the international level, including importation and shipping costs, the country's petrol, diesel, and illuminating paraffin will see different price increases, Xinhua news agency quoted the Department as saying.

This is the fourth consecutive month for the country's fuel prices to increase.

The average international prices of petrol, diesel, illuminating paraffin, and LPG increased during the period under review due to factors including refinery shutdowns in the USs, according to the statement.

It noted that the South African currency rand's depreciation against the US dollar led to higher contributions to the basic fuel prices of petrol, diesel, and illuminating paraffin.

The Department said it believes that the exploration and development of national oil and gas reserves could help moderate the impact of high prices in the long term.

Disclaimer: This story has not been edited by the Sakshi Post team and is auto-generated from syndicated feed.