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SA braces for steep fuel price hike!

Mineral Resources and Energy Minister, Gwede Mantashe, has announced that the price of petrol and diesel are expected to increase at the beginning of March.

The fuel prices for March are expected to increase as follows:

  • Both grades of petrol are expected to increase by at least R1.46.
  • The price of 0.05% Sulphur Diesel is expected to rise by at least R 1.44.
  • 0.005% Sulphur diesel is expected to cost at least R 1.48 more.

The Minister said a combination of factors, including the conflict between the Ukraine and Russia, contributed to the steep increases.

“The main reasons for the fuel price adjustments are due to the average Brent Crude oil price, which increased from $93.00USD [to] $96.47USD during the period under review; and the escalating crisis between Russia and Ukraine, which led to a surge in crude oil prices amid supply fears [and] subsequent sanctions on Russia by the USA and UK, which have contributed to the increase in crude oil prices,” Mantashe said.

Meanwhile, the prices of gas and illuminating paraffin are also on the rise. Prices are expected to increase as follows:

  • Wholesale illuminating paraffin is expected to cost at least R1.21 per litre more.
  • The single maximum retail selling price (SMRP) for illuminating paraffin is expected to go up by R1.61.
  • The maximum retail price for LP Gas is expected to show a rise by at least 70c per kilogram.

The new prices are expected to take effect on Wednesday.