The Central Energy Fund’s latest mid-month data indicates that South African motorists are likely to face further fuel price hikes in April as forecast earlier by economists.
The CEF data, which focuses on the period leading up to March 14, 2022, shows considerable price increases in both the cost of petrol and diesel as Russia’s invasion of Ukraine continues to boost international energy prices.
This comes ahead of a scheduled meeting between the Fund and the government on Tuesday to explore possible interventions to ameliorate the impact of soaring fuel prices.
Some economists have proposed that the government should slash fuel levies for a period to assist consumers and businesses at the pumps.
According to the data, motorists are likely to see further record-high fuel prices if the current market forces continue to impact global energy prices.
However, the CEF’s daily petrol price indicators do not include price adjustments for the state levy and retail margin changes, which will only be set by the Department of Energy at month end.
The BER indicated the following mid-month price movements:
- Petrol 95: R2.27 per litre increase
- Petrol 93: R2.19 per litre increase
- Diesel 0.05%: R3.12 per litre increase
- Diesel 0.005%: R3.26 per litre increase
- Illuminating paraffin: R2.66 per litre increase
