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More pressure on consumers as petrol prices look set to rise significantly

The prices of petrol, diesel and paraffin are due to go up on Wednesday.
The prices of petrol, diesel and paraffin are due to go up on Wednesday.
Image: Supplied

Unaudited fuel data from the Central Energy Fund (CEF) shows significant petrol price increases are likely in March, says the Automobile Association (AA).

According to the data, the price of 93 and 95 ULP petrol is expected to increase by between R1.22/litre and R1.27/l, diesel by around 28c/l and illuminating paraffin by 16c/l.

“In the case of petrol, the movement in international oil prices is contributing between 76c and 82c to the increases while the weaker average rand to US dollar exchange is adding about 46c. In terms of the diesel price, the sole contributor to the expected increases is the weaker exchange rate,” said the AA.

Based on these numbers, a litre of 95 ULP inland will climb from R21.68/l to R22.90/l, while the price at the coast will increase from about R21.03/l to R22.25/l.

“The increases to the price of petrol are big and will have a negative impact on household budgets. A 50/l tank of fuel, for instance, will now cost R61 more to fill, or R244 if filled four times during the month, which is significant. The cumulative effect on personal finances will be a further reduction of disposable incomes which will be exacerbated by increases to goods and services which must recoup the higher fuel input costs.

“We again urge consumers to monitor their fuel usage carefully, and to budget according to the new fuel prices, which come into effect next Wednesday. Ensuring vehicles are well maintained and in good mechanical condition, carefully planning routes, and avoiding heavy traffic, if possible, are some ways in which motorists can ensure better fuel consumption,” it said.


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