Petrol and diesel prices will increase in South Africa starting from January 1st, 2025, marking the third consecutive price hike in three months. The Department of Mineral Resources and Energy attributes the fuel price increase to the Rand/US Dollar exchange rate and global unrefined oil prices.
Petrol and diesel prices will increase starting from Wednesday (1 January 2025). This marks the third consecutive price hike in three months. The Department of Mineral Resources and Energy said the fuel hike was due to the Rand /US Dollar exchange rate, and the price of unrefined oil globally. The price of petrol 93 octane will increase by 19 cents a litre, and the price of unleaded petrol 95 will increase by 12 cents a litre.
The average international product prices for Petrol increased, whilst Diesel and Illuminating Paraffin decreased during the period under review. The Rand depreciated against the US Dollar during the period under review, on average, when compared to the previous period. The average Rand/US Dollar exchange rate for the period 29 November 2024 to 26 December 2024 was 18.1120 compared to 17.9256 during the previous period. This led to a higher contribution to the Basic Fuel Prices on petrol, diesel and illuminating paraffin by 10.58 c/l, 11.11 c/l, 10.90 c/l respectively.Automobile Association predicted an increase during their mid-month data analysis. Considering that many people will be traveling by vehicle in December and January, we advise motorists to carefully plan their budgets now to ensure they have adequate funds to cover their expenses, which may include toll fees on certain routes, states the AA. The association said Rand weakening against the US Dollar was mostly likely to force petrol and diesel prices to sour. Although the Rand/US dollar exchange rate was stable in the first two weeks in the period under review, the Rand weakened slightly against the USD following the American presidential elections, resulting in a less substantial decrease for all grades of petro
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