Diesel will see the steepest increase with a hike of R1.52.
“With respect to diesel, apart from increasing crude oil prices, there is also a shortage of diesel supply which is due to lower exports from Russia as a major
exporter of distillate fuel at discounted prices. That is why the rate of price increase in diesel is higher than that of petrol,” notes the Department in a statement on Monday.
The Department says crude oil prices averaged increased from $96.47 to $109.37 (US Dollars) during the period under review.
Although the Rand appreciated during the period under review continued sanctions imposed on Russia has led to escalating oil prices.