South Africa: Consumers Set to Pay More as Petrol and Diesel Prices Rise

Motorists are expected to feel the pinch even further this month when the prices of all grades of fuel increase.The following are the increases that have been announced by the Central Energy Fund (CEF):

Petrol (93 ULP & LRP): 65 cents increase

Petrol (95 ULP & LRP): 67 cents increase

Diesel (0.05% sulphur): 3 cents increase

Diesel (0.005% sulphur): 1 cent decrease

Illuminating paraffin (wholesale): 29 cents decrease

Single Maximum National Retail Price for illuminating paraffin: 58 cents decrease

Maximum LP Gas retail price: 19 cents decrease

This means a litre of 95 petrol, which used to cost R24.45 a litre in Gauteng, will now cost R25,12.

“The average international product prices for petrol increased, while diesel and illuminating paraffin decreased during the period under review.

“The rand appreciated against the US dollar during the period under review, on average, when compared to the previous period. The average rand/US dollar exchange rate for the period 1 March 2024 to 26 March 2024 was 18.8689 compared to 19.0186 during the previous period. This led to a lower contribution to the Basic Fuel Prices on petrol, diesel and illuminating paraffin by 10.78 c/l, 10.88 c/l and 10.74 c/l respectively,” the CEF said.

Furthermore, Finance Minister Enoch Godongwana announced, during the Budget Speech in February, increases to the Carbon Fuel levy of some 1c per litre on petrol and 3c per litre on diesel.

“No increases will be made to the General Fuel and Road Accident Fund levy on both petrol and diesel.

“With effect from 03 April 2024, the Fuel Levy in the price structure of petrol and diesel will increase to 396.0 c/l and 384.0 c/l respectively and the Road Accident Fund Levy in the price structure of both petrol and diesel will remain at 218.0 c/l,” the CEF said.

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