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Fuel prices look set to soar in March

According to the latest figures from the CEF, the increase to 95ULP is noted at R1.20/litre, while the increase to 93ULP is forecast to be R1.15/l. Diesel is showing an increase of about R1.18/l.
According to the latest figures from the CEF, the increase to 95ULP is noted at R1.20/litre, while the increase to 93ULP is forecast to be R1.15/l. Diesel is showing an increase of about R1.18/l.
Image: 123RF

Unaudited data from the Central Energy Fund (CEF) is indicating another significant increase in the price of both grades of petrol, diesel and illuminating paraffin in March, according to the Automobile Association (AA), which has reviewed the data.

The AA said the expected increase will create more financial woes for South Africans as they scramble to absorb the expected increases.

According to the latest figures from the CEF, the increase to 95ULP is noted at R1.20/litre, while the increase to 93ULP is forecast to be R1.15/l. Diesel is showing an increase of about R1.18/l, while illuminating paraffin is set to increase by 63c/l. If realised the increases will result in 95ULP inland costing R24.44/l, and 93ULP inland will be R24.10/l.

“The main driver behind the increases is higher international product prices in addition to the higher average rand/US dollar exchange rate. While the weaker rand is contributing a small margin to the under-recovery and increase to prices expected next month, the overall picture looks bleak and consumers will feel the pinch,” said the AA.

There is, however, some good news for consumers. The two main levies on fuel — the General Fuel Levy and the Road Accident Fund levy — will not increase for the third consecutive year.

“These levies are traditionally increased in February and implemented in April, but the minister of finance heeded calls by the AA, and in his February budget speech indicated this will not happen again this year. Though not a saving as such, any increases would have added additional pressure to fuel prices, and we again welcome his decision not to increase these rates for 2024,” said the AA.

The official adjustment of the fuel prices comes into effect on March 6.


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