Fuel prices set to increase again on Wednesday

Reading Time: 2 minutes

The retail price of all grades of petrol is scheduled to experience another hike on Wednesday, adding to the fuel price increase observed last month.

The Minerals Resources and Energy Department has confirmed that all petrol grades will see an increase of R1.21 cents per litre. Diesel prices are also set to rise by amounts ranging from R1.5 to R1.18 per litre.

Paraffin users will face an additional cost of R0.64 per litre, and the maximum retail price of LP gas is set to increase by 41 cents per kilogram.

In a statement, Mineral Resources and Energy Minister Gwede Mantashe says that the adjustment in fuel prices, effective from March 6, 2024, is based on current local and international factors.

South Africa’s fuel prices undergo monthly adjustments, considering various elements such as the country’s crude oil and finished product imports, international price levels, and importation costs, including shipping expenses.

The Department of Energy attributes the latest price hikes primarily to higher international oil prices and a weaker rand exchange rate.

The statement says, “The higher average oil prices and weaker rand against the US dollar during the period under review. The slate levy remains unchanged. The Minister, concurrent with the Minister of Finance, increased the ID Tracer Dye Levy applicable to diesel from 0.1 to 1 cent per litre…”

Fuel Price | More pain at the pumps with steep increases in March: