Fuel prices in South Africa continue to rise, marking the fourth consecutive month of increases. The Department of Petroleum and Mineral Resources has confirmed the latest adjustments, effective from midnight, citing rising global petrol prices and a weaker rand. Motorists are urged to fill up today to avoid the higher prices.
The Department of Petroleum and Mineral Resources has confirmed fuel price adjustments, effective from midnight. This increase, the fourth consecutive month, follows rising global petrol prices and a weaker rand, as reported by Pretoria Rekord. Motorists are advised to fill up today if possible, before the new prices take effect. The next adjustment is scheduled for March 5.
According to a BusinessTech report, the hike is attributed to higher demand due to cold weather in the northern hemisphere and an anticipated surge in oil consumption from China, driven by economic stimulus measures.The official petrol price for February sees an increase in the following: Petrol 93 & 95 (ULP & LRP): R0.82 per litre increase in retail price, Diesel 0.05% sulphur: R1.05 per litre increase in wholesale price, Diesel 0.005% sulphur: R1.01 per litre increase in wholesale price, Illuminating paraffin: R0.97 per litre increase in wholesale price and R1.29 per litre increase in the Single Maximum National Retail Price, LPGAS: R0.42 per kilogram increase in the maximum retail price.Henry van der Merwe, chairperson of the South African Petroleum Retailers Association, stated today that this month's adjustments create a 'lose-lose situation' for both retailers and consumers. He explained, 'When the fuel price increases, motorists naturally adapt by driving less and planning trips more carefully, which significantly reduces sales volumes for service stations. Even stations that buy on consignment don't benefit from these changes. It’s a tough environment where station owners often face shrinking margins.'Van der Merwe cautions that rising fuel prices have a ripple effect across various industries, increasing the cost of goods and services due to higher transport expenses. 'The long-term solution lies in continued engagement with industry stakeholders and government to find ways of mitigating the impact of these price adjustments on consumers and retailers alike,' he concluded
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