The Department of Mineral Resources and Energy (DMRE) has announced further significant fuel price hikes that come into effect on Wednesday, March 6.
The price of both grades of unleaded petrol (93 and 95) will increase by R1.21 a litre, raising the Gauteng price of 95 unleaded petrol to R24.45 a litre, and the coastal price to R23.73.
Diesel (0.05% sulphur) goes up R1.05 a litre and diesel (0.005% sulphur) will increase by R1.18 a litre. This brings the Gauteng wholesale price of diesel to R22.41 per litre, while the price on the coast rises to R21.69 per litre.
The wholesale price of illuminating paraffin increases by 64c a litre, while the maximum retail price for LP gas rises 41c per kg.
South Africa’s petrol price fluctuations are determined by international oil prices and the rand exchange rate. The average price of Brent Crude Oil rose from $82.03 a barrel to $82.50 in February.
The DMRE has attributed the higher international prices to Opec+ production cuts, extremely cold weather affecting production in North America, as well as the ongoing instability in the Red Sea region which has led to higher shipping costs.
The rand also contributed to pushing fuel prices higher after it weakened to R19.20/$ from R18.77/$ in February.
