Topnotch Car Rental

Garage owners can expect a busy day. South Africans will be rushing to top up their tanks ahead of the fuel price adjustments that will take effect at midnight.

The petrol price at the coast will rocket by 54c a litre to around R9.72 tomorrow.  

Diesel will cost 69 or 70c extra, depending on the grade.  

The Energy Department announced the new figures last week, citing the high cost of oil. 

Taxes for the Road Accident Fund and Transnet's new pipeline from Durban to Jo'burg have also contributed to increases.  

Economist Tony Twine says the ongoing conflict in oil producing nations is driving up the price of crude.  

He has explained that when the fuel price adjustments were worked out, oil was trading at around $115 a barrel.

"Friday morning we woke up to find oil at $118 a barrel, so if that three dollars per barrel were to last throughout the accounting period of April, we would face yet another price increase of around about 21c per litre, for petrol and diesel here in South Africa." 

This morning, oil is trading at a staggering $120.75 a barrel.

Canham, T. 2011. Fuel Price Hike Tomorrow.[Online]Available:

http://www.ecr.co.za/kagiso/content/en/east-coast-radio/east-coast-radio-mobile-news?oid=1144266&sn=Mobile+news+detail&pid=171901