Energy Department announces a fuel price increase in March

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South African consumers are set to dig deeper into their pockets next week as the Energy Department announces steep increases in the fuel price. Both 93 and 95 petrol will increase by R1.46 a litre.

Diesel will increase by R1.48 Per litre and illuminating paraffin will increase by R1.28 a litre.

Liquefied Petroleum Gas (LP Gas) retail price will now cost 70 cents per kilogram.

The Department of Minerals Resources and Energy attributes the increases to higher international oil prices and a weaker rand. The average Brent crude oil price has increased from 93 US dollars to 96.47 US dollars.

Government says the escalating crisis between Russia and Ukraine also led to a surge in crude oil prices amid supply fears. Further sanctions on Russia by the US and UK have also contributed to the increase in crude oil prices.

The rand has also appreciated slightly at R15.51 cents to the US dollar.

In the video below, SABC Economics Editor Tshepo Mongoai speaks about the expected fuel price hike in March: