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Tuesday, July 23, 2024

Bad news for petrol users and not so bad news for diesel users come March

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Fuel prices in South Africa are set to increase significantly in March, with 95 Unleaded petrol expected to rise by about R1.22 and 93 Unleaded by around R1.26, according to the Central Energy Fund’s latest daily snapshot.

Diesel is expected to rise by around 30 cents a litre, but due to over-recovery the increase could come down to 20 cents by month-end.

The usual disclaimer applies here, of course, in that the influencing factors could still change between now and the end of February, and the Slate Levy could also push the numbers in a different direction, but as it stands now a petrol price increase of over R1 per litre is looking inevitable.

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The official fuel prices will be announced early next week.

Read | How to calculate cost per kilometre of trucking in South Africa

A R1.20 petrol price increase will push the price of 95 Unleaded up to R22.23 at the coast and R22.88 in the inland regions, where 93 ULP would rise to around R22.63.

The wholesale price of 50ppm diesel, assuming that the 30 cent increase prevails, will rise to R21.07 at the coast and R21.71 inland.

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April could also see fuel price increases across the board, should Finance Minister Enoch Godongwana increase fuel taxes during his annual Budget Speech on Wednesday.

Last year the Minister heeded calls to leave the General Fuel Levy and Road Accident Fund levies unchanged, however it remains to be seen whether this will be repeated in 2023.

“We again urge the Minister to follow this same route when he delivers his Budget Speech this year and to consider the implications of increasing these taxes on all South Africans,” the Automobile Association said.

“Consumers can simply not afford any more price shocks and considering the impending 18.65% increase to electricity rates, an increase to the levies will deal a massive blow to personal finances,” the association added.

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