As the world is dealing with one hit after the other, the Central Energy Fund has released mid-month data indicating that South African motorists are in for another few hits when they see petrol prices come April month.
Massive hike in petrol price expected
The data covers up until 14 March and shows a significant increase in both petrol and diesel prices. These intense increases are due to the rising international petroleum prices which are influenced by the Russia/Ukraine conflict.
And so it seems that motorists will once again face record-high prices if current market conditions continue.
The mid-month changes are as follows:
- Petrol 95: increase of R2.27 per litre;
- Petrol 93: increase of R2.19 per litre;
- Diesel 0.05%: increase of R3.12 per litre;
- Diesel 0.005%: increase of R3.26 per litre;
- Illuminating Paraffin: increase R2.66 per litre.
This is how the price changes are expected to reflect:
| Fuel (Inland) | March official | April expected |
|---|---|---|
| 95 Petrol | R21.60 | R23.87 |
| 93 Petrol | R21.35 | R23.54 |
| 0.05% diesel (wholesale) | R19.49 | R22.61 |
| 0.005% diesel (wholesale) | R19.55 | R22.81 |
| Illuminating Paraffin | R13.19 | R15.85 |
The Department of Energy reminds all that the “daily snapshots are not predictive“. There are many possible changes that can still influence the end petrol prices. These changes include slate levy adjustments and retail margin changes – which is only determined at the end of the month.
Government to possibly intervene
On Tuesday, the government will be meeting with the Central Energy Fund to discuss possible ways how the government can intervene to assist with managing fuel prices.
And according to the country’s economists, it would be best to cut fuel levies temporarily to provide some relief.