As time edges close to another month’s end, motorists brace themselves for the inevitable sting of rising fuel prices. In Embracing March the data from the Central Energy Fund unveils we can see that the petrol and diesel costs are poised to soar, burdened by the weight of towering oil prices and a faltering rand. With each passing day, the impending increase looms larger, painting a somber picture for drivers across the nation. Yet amidst the uncertainty, one thing remains certain the struggle at the pump continues…
As per the CEF’s findings, petrol prices could potentially increase by approximately R1.35 per litre next month, while diesel prices are anticipated to surge by anywhere between R1.40 to R1.60 per liter.
Here’s a breakdown of the expected adjustments:
– Petrol 93: expected increase of 135 cents per liter
– Petrol 95: anticipated rise of 131 cents per liter
– Diesel 0.05% (wholesale): projected increase of 143 cents per litre
– Diesel 0.005% (wholesale): an estimated surge of 159 cents per litre
– Illuminating paraffin: forecasted increase of 96 cents per liter
The CEF doesn’t provide daily snapshot data for LP Gas.
The Department of Mineral Resources and Energy (DMRE) has clarified that its daily snapshots are not indicative of future prices and do not encompass other potential adjustments, such as slate levy revisions or alterations in retail margins. These adjustments are determined by the department at month-end, taking into account various factors.
The fluctuation in domestic fuel costs is primarily influenced by the rand/dollar exchange rate and global oil prices. In South Africa, fuel prices are adjusted on the first Wednesday of each month based on these factors.
For March 2024, the surge in oil prices is putting pressure on motorists, compounded by the weakening rand, which further exacerbates the under-recovery.
