South African motorists brace for hefty fuel price increases in February, with early indicators pointing to significant hikes for both petrol and diesel. Fluctuations in global oil prices and the weakening rand are the main drivers behind this anticipated surge.
The outlook for February fuel prices is looking gloomy with early indicators pointing to a sharp increase at the pumps for petrol and diesel.
The latest petrol price adjustments forced motorists to dig even deeper in their pockets to fill their tanks with the price of 93 Unleaded climbing to R21.34/ litre and 95 Unleaded to R21.59/ litre.most recent outlook is pointing towards much bigger hikes come February.Depending on the grade of petrol used and the size of the vehicle’s tank, motorists might have to cough up between R28 and R53 more to fill their tanks.
Both a weaker rand and a higher global oil price are driving the current under-recovery trajectory, which kicked off in November last year., the rise in global oil prices follows “economic hopes in one of the world’s largest economies, with China potentially seeing more demand”.
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