Minister of Energy to address the media in relation to the fuel price increase
2 Apr 2012
The Minister of Energy, Ms Dipuo Peters, MP, invites members of the media to attend a press briefing on the recent fuel price adjustment to be effective as of 4 April 2012. During the current fuel price review period, 2 to 29 March 2012 the average international crude oil prices, compared to the previous fuel price review period, remained stable at a level of around USD125.0 per barrel as oil producing countries substituted a portion of the shortfall of Iranian crude oil supply in the market.
However, international product prices increased sharply as a result of an increase in refining margins on petrol of about USD14/bbl. The said margin increase was driven by increased United States (US) petrol demand from Europe, due to closures of refineries in the US East coast region. This has an impact on the Mediterranean prices that contribute 50% to the BFP petrol prices.
This briefing follows the recent announcement of the increase in fuel prices.
Members of the media are invited to attend and cover the media briefing which will be held as follows:
Date: Tuesday, 3 April 2012
Venue: Building 2B (Exco boardroom), Trevenna, Campus, Corner Schoeman and Meinties Street
Interviews may be scheduled for after the media briefing.
Ms Zodwa Batyashe
Cell: 082 455 9796
Cell: 082 766 3674
Issued by: Department of Energy
2 Apr 2012
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