Fuel price hike: How much South Africans will pay for petrol and diesel from TODAY
The Department of Mineral Resources and Energy announced a hike in both petrol and diesel prices, effective from Wednesday, 1 March 2023. ALSO READ | WHEN IS THE NEXT PUBLIC HOLIDAY IN SOUTH AFRICA? The Department of Mineral Resources and Energy reported that the price of both 93 and 95 petrol will be hiked by R1.27 a litre, while diesel will […]
The Department of Mineral Resources and Energy announced a hike in both petrol and diesel prices, effective from Wednesday, 1 March 2023.
ALSO READ | WHEN IS THE NEXT PUBLIC HOLIDAY IN SOUTH AFRICA?
The Department of Mineral Resources and Energy reported that the price of both 93 and 95 petrol will be hiked by R1.27 a litre, while diesel will go up by between 30 and 31 cents.
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Illuminating paraffin will increase by 13 cents a litre, while the maximum retail price for LP gas will be hiked by R5.22 a kilogram.
| Fuel | Price change |
|---|---|
| Petrol 93 | increase of 127 cents per litre |
| Petrol 95 | increase of 127 cents per litre |
| Diesel 0.05% | increase of 30 cents per litre |
| Diesel 0.005% | increase of 31 cents per litre |
| Illuminating Paraffin (wholesale) | increase of 13 cents per litre |
| LPGAS | increase of 522 cents per kilogram |
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THE IMPACT OF THE INCREASE INLAND AND AT THE COAST
Inland, the price of a litre of 95 unleaded petrol will increase to R22.95, while it will increase to R22.30 on the coast. A year ago, 95 petrol retailed for R21.60 inland.
The inland diesel price will reach R21.62 on Wednesday, from R18.87 a year ago.
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Fuel prices are largely determined by the oil price, as well as the rand – as oil is priced in dollars.
RAND TAKEN A BEATING
The rand took a big hit in February, as the dollar rallied due to expectations that US interest rates will still be hiked by large margins. The local currency weakened from R17.04/$ at the start of the month to R18.40 on Monday this week.
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Meanwhile, the average Brent crude oil price decreased slightly, from $83 per barrel to $82.14.
Petrol prices are increasing at a higher rate than diesel because of lower inventory levels globally and closures of refineries in some countries for seasonal maintenance, the department said in a statement.
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The Department of Mineral Resources and Energy also added that the impact of the EU sanctions on diesel imports from Russia was already priced in.
HOW THE PRICE CHANGES WILL REFLECT AT THE PUMPS (INLANDS AND COASTAL):
| Inland | February | March |
|---|---|---|
| 93 Petrol | R21.38 | R22.65 |
| 95 Petrol | R21.68 | R22.95 |
| 0.05% diesel (wholesale) | R21.32 | R21.63 |
| 0.005% diesel (wholesale) | R21.41 | R21.72 |
| Illuminating Paraffin | R15.84 | R15.97 |
| LPGAS (p/kg) | R33.46 | R38.68 |
| Coastal | February | March |
|---|---|---|
| 93 Petrol | R20.73 | R22.00 |
| 95 Petrol | R21.03 | R22.30 |
| 0.05% diesel (wholesale) | R20.67 | R20.97 |
| 0.005% diesel (wholesale) | R20.77 | R21.08 |
| Illuminating Paraffin | R15.05 | R15.18 |
| LPGAS (p/kg) | R30.87 | R36.10 |