AGRICULTURAL NEWS - The fuel price increase that came into effect on Wednesday, 4 August as announced by the Department of Mineral Resources and Energy, will wipe out any gains made from earlier lower prices.
This was according to Dawie Maree, head of agriculture information and marketing at FNB.
The department attributed the hike of 91c/l for petrol and around 55c/l for diesel to a month-on-month increase in the average Brent Crude oil price, from US$73/barrel to US$74/barrel (about R1 050/barrel to R1 064/barrel), due to a decline in crude oil inventories, along with the depreciation of the rand against the US dollar from R13,92 to R14,54.
This resulted in the levy contributions to the basic fuel price of petrol, diesel and illuminating paraffin increasing by 43,73c/l; 32,37c/l and 31,42 c/l, respectively.
