South Africa on Thursday announced that it was raising the price of petrol by 4% staring January 4th 2016. The price of 93 octane petrol will be 13.09 rand per litre (N298 per litre) while the 95 octane price will be 13.33 rand per litre.
The octane is basically the ability of an engine to resist a knock and as such the higher the Octane the more resistant the engine is.
The South African Energy Department who revealed this increase, also said that the price of wholesale diesel would increase by 3.5 per cent.
South Africa says it is raising fuel prices because of the increase in international fuel prices and currency fluctuations.
“The average international product prices of petrol, diesel and illuminating paraffin increased during the period under review
Nairametrics ran a story on Thursday highlighting the increase in the landing cost of petrol in Nigeria. According to sources, the landing cost has increased to about N185/litre suggesting that the fuel will probably be subsidized.