File picture: REUTERS/PAULO WHITAKER
File picture: REUTERS/PAULO WHITAKER

The price of petrol will push to a record high from midnight on Tuesday, with the central energy fund (CEF) announcing that under-recovery in August would prompt fuel increases ranging from 99c to R1.79.

The price of unleaded 93 petrol will therefore rise 99c, unleaded 95 R1 and diesel R1.24. Illuminating paraffin will cost an additional R1.04 and liquefied petroleum gas (LPG) R1.79.

The Automobile Association has warned that the increases — a record when not factoring in months when new taxes took effect — will be "catastrophic" for motorists.

The Department of Energy had intervened in August's increase by diverting funds from the state levy, but had warned that it would be unable to continue with such interventions.

During the period, the rand depreciated against the dollar to an average of R14.7899 compared to the previous month's R13.9430.

Correction: October 1 2018

An earlier version of this story indicated the reprieve passed on to consumers in September would be carried over into October  — this is not correct as the October increase is calculated purely on fuel price costs and the over/underrecovery formula which is always used to calculate increases/decreases in fuel prices.

gernetzkyk@businesslive.co.za

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