Significant increases in fuel prices are set to hit South African motorists in February, with both petrol and diesel experiencing notable price hikes. The Department of Mineral and Petroleum Resources has announced the adjustments, citing international oil price fluctuations and the weaker South African rand as contributing factors.
The Department of Mineral and Petroleum Resources has announced significant increases in fuel prices for February, impacting both petrol and diesel. Effective Wednesday, February 5, all grades of petrol will see a price hike of 82 cents per litre, while diesel prices will rise by R1.01 for the 50ppm grade and R1.05 for the 500ppm grade. Consequently, 95 petrol will cost R21.62 per litre at the coast and R22.45 in Gauteng, while 93 petrol will increase to R22.16 per litre.
The wholesale price of 50ppm diesel is expected to reach R18.68 at the coast and R19.44 inland, although retail prices will likely be higher. These price adjustments will result in a notable increase in refuelling costs. A 30-litre petrol refill will cost R24.60 more, a 40-litre refill an additional R32.80, and a 50-litre refill an extra R41. A 70-litre diesel refill (considering most bakkies have 80-litre tanks) will be R70.70 more expensive than last month. The primary driver behind these anticipated price hikes is the significant increase in international oil prices. Prices rose substantially above the previous review period's average of $72 (R1,356), with Brent Crude averaging $77.41 during the most recent review period. Economists predict continued volatility in oil prices due to uncertainties created by Trump's protectionist policies and US sanctions on Russian-produced fuel. Furthermore, the weaker South African rand has contributed approximately 36 cents to the under-recovery, depreciating from an average of R18.11 to the US dollar in the previous period to R18.73. Given the rand's response to Donald Trump's threats over SA's land expropriation bill, it is unlikely that we will see any fuel price relief in March
FUEL PRICES SOUTH AFRICA PETROL DIESEL INTERNATIONAL OIL PRICES RAND ECONOMIC IMPACT
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