Effective from 5 October 2011, the SA petrol price will rise by 36 cents per litre for 95 Octane, which is a rise of 3.5%. The price of diesel (0.05% Sulphur) is set to increase by 35 cents per litre. The latest round of increases will take the retail price of petrol up to R10.54 per litre.
Although the average international product prices for petrol, diesel and illuminating paraffin decreased during the period under review, the weakening of the Rand against the US Dollar increased the contribution to the Basic Fuels Price of petrol, diesel and illuminating paraffin respectively.
Over the past year the price of petrol will have risen by R2.42 per litre or a massive 29.8%. In total, this adds 1.2 percentage points to the annual rate of consumer inflation.
While actual monthly petrol inflation will not be impacted dramatically by the latest price increase, adding 0.1 of a percentage to the monthly increase in inflation, the continual increases in fuel prices over the past year are having a knock-on effect for consumers and the economy. All goods and services consumers buy will be impacted, indirectly, as a result of the increase in the petrol price.
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