Price of fuel reaches three-year high

Price of fuel reaches three-year high

The announcement was made by the Department of Energy who blamed the fuel hike on the global price of petrol, diesel and paraffin increases as well as the weaker rand.

Motorists will be feeling the pinch as petrol and diesel prices reached their highest levels in three years.

Filling a 55-litre family vehicle with unleaded now costs on average £66.43, up £3.55 from unleaded's 2017 low point in July.

For diesel drivers, filling up the family vehicle will set them back £67.75 - £1.22 more than October and £4.50 more than July when diesel was at its lowest level of 2017. Scotland enjoyed the smallest increase - 1.9p a litre compared to the national average unleaded increase of 2.35p a litre, rising from 118.48p to 120.38p.

The wholesale price of illuminating paraffin (wholesale) will go up by 73.30 and that of illuminating paraffin (SMNRP) will increase by 98 cents, while the maximum retail price of LPGas will go up by R2.04.

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THE holiday season just lost its festive edge with the announcement that the price of petrol will increase by 71 cents tomorrow, Wednesday, 6 December.

During 2017 the price of fuel increased eight times while only decreasing four times. This is good news for motorists as it means petrol and diesel prices are unlikely to shoot up, and we may even see them come down very slightly in the next week or so.

The end of the month also saw the OPEC, the Organization of the Petroleum Exporting Countries, agree to extend its production cut from March to the end of 2018.

ACCORDING to the Automobile Association (AA), we are in for a bumpy ride this festive season as the fuel price outlook for December predicts an increase, with petrol prices set to go up by nearly R1/litre.

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