‘Sharp increase in diesel driven by export restrictions from Russia’
Diesel prices will increase by R3.14 and R2.93 at midnight.
The Department of Mineral and Petroleum Resources has revealed that diesel prices are sharply rising due to export restrictions imposed by Russia. The world's second-largest diesel exporter initiated an export ban in July to bolster its domestic fuel market amid the ongoing war in Ukraine. As a result, diesel prices will surge by R3.14 and R2.93 per liter at midnight, depending on the grade, while both grades of petrol will experience a R1.34 per liter increase.
The Director of Fuel Pricing, Robert Maake, attributes this price hike to the export restrictions and the closure of the Strait of Hormuz, which has caused a shortage in the global oil market. Maake also mentions new developments with the Strait of the Red Sea, where Houthis from Yemen are blocking some vessels, contributing to higher oil prices during the period under review.
The fuel price hike is expected to significantly impact Bloemfontein residents, raising concerns about the rising cost of living as food prices and other essentials are also projected to increase, while salaries remain unchanged.
Written by urgent.news from SABC News's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
