Bad news for motorists as petrol prices are set to increase once again, according to the Central Energy Fund (CEF).
The CEF has confirmed that there will be a retail price increase of R1.27 per litre for petrol (both 93 and 95 octane) from Wednesday, March 1.
Not only will petrol prices be impacted, but the wholesale price of high-sulphur 500 ppm diesel will also rise 30c per litre, and low-sulphur 50 ppm diesel will be 31c higher.
Additionally, illuminating paraffin will see a 13c price increase.
The CEF reported that the average international product prices for petrol have increased, while diesel and paraffin have decreased during the period under review.
This, coupled with the rand’s depreciation against the US dollar and a 4c per litre increase in the slate levy, has resulted in a higher contribution to basic fuel prices.
This news comes after motorists enjoyed price cuts of over R2 per litre for petrol and diesel in January.
However, in February, petrol prices increased by 28c per litre and the wholesale price of 500 ppm diesel rose by 9c per litre, while 50 ppm diesel decreased by 1c per litre.
Starting from March 1st, motorists in Gauteng can expect to pay R22.95 per litre for 95 ULP, R22.65 per litre for 93 ULP, R21.62 per litre for diesel 500 ppm, and R21.72 per litre for diesel 50 ppm.
These price increases will certainly impact motorists, and they will have to adjust their budgets accordingly.
It remains to be seen whether or not there will be any relief in the future, but for now, South Africans will have to cope with higher fuel prices.