The price of petrol is at a record high from Wednesday morning.

A litre of 93 octane unleaded petrol (inland) now costs R14.72 — up 49c from R14.23 in April and 23c more than the previous record high of R14.49, set in December last year.

The May increase follows a 72c increase in April, which included 52c of increased levies.

Meanwhile‚ diesel has increased by between 58c and 59c a litre as of Wednesday‚ while the wholesale price of illuminating paraffin rose by 52c a litre.

The maximum retail price of liquefied petroleum gas (LPG) will rise by 70c/kg.

Energy Minister Jeff Radebe attributed the increase in the fuel price to the rand’s depreciation against the dollar during the period under review‚ and increases in the international prices of crude oil and petroleum products.

The rand depreciated on average from R11.85 to R11.95 against the dollar during the review period.

“The rand’s movements were mainly influenced by global factors. The rand went through a period of volatility in April‚ mainly due to concern over the China/US trade tariff dispute that put pressure on the currencies of emerging markets‚ including SA‚” Radebe said.

– BDLive