Petrol diesel fuel price

In exactly three weeks the new petrol and prices for July 2023 will take effect. For now, the latest numbers don’t bode well. Image: Pixabay

Fuel price hike: What you 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.

Petrol diesel fuel price

In exactly three weeks the new petrol and prices for July 2023 will take effect. For now, the latest numbers don’t bode well. Image: Pixabay

The Department of Mineral Resources and Energy announced a hike in both petrol and diesel prices, effective from Wednesday, 1 March 2023.

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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. 

FuelPrice change
Petrol 93increase of 127 cents per litre
Petrol 95increase 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
LPGASincrease 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):

InlandFebruaryMarch
93 PetrolR21.38R22.65
95 PetrolR21.68R22.95
0.05% diesel (wholesale)R21.32R21.63
0.005% diesel (wholesale)R21.41R21.72
Illuminating ParaffinR15.84R15.97
LPGAS (p/kg)R33.46R38.68
CoastalFebruaryMarch
93 PetrolR20.73R22.00
95 PetrolR21.03R22.30
0.05% diesel (wholesale)R20.67R20.97
0.005% diesel (wholesale)R20.77R21.08
Illuminating ParaffinR15.05R15.18
LPGAS (p/kg)R30.87R36.10