Fuel price: Petrol, diesel to INCREASE next week – it’s BAD!

The latest fuel projections from the Central Energy Fund (CEF) shows that BAD news lies ahead next week for South Africa’s diesel and petrol car owners.

The data is trending towards a significant increase for both diesel and petrol prices at the pumps.

This news comes on the back of price increases for both petrol and diesel earlier this month, as reported by The South African website.

Below, the latest projections as received by The South African website from the CEF, effective Tuesday, 27 February 2024.

FUEL	PRICE CHANGE
Petrol 93	increase of 115 cents
Petrol 95	increase of 119 cents
Diesel 0.05%	increase of 110 cents
Diesel 0.005%	increase of 124 cents
Illuminating Paraffin	increase of 67 cents

If these market conditions were to remain consistent for the remainder of the period – an unlikely scenario with the rand/dollar exchange rate ever fluctuating and the oil price changing – an increase of 115 cents is expected for petrol 93 octane motorists and an increase of 119 cents for 95 users.

Meanwhile, diesel motorists would see between a 110 to 124 cents per litre increase.

Finally, illuminating paraffin is expected to increase by 67 cents.

FUEL PRICE IN SOUTH AFRICA IMPACTED BY TWO MAIN FACTORS:

1. The international price of petroleum products, driven mainly by oil prices

2. The rand/dollar exchange rate used in the purchase of these products

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Oil price

At the time of publishing the brent crude oil price is $83.16 a barrel.

Exchange rate

At the time of publishing the rand/dollar exchange rate is R19.17/$.

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The final overall price changes for both petrol and diesel will be confirmed in the weeks ahead with the new prices coming into effect at midnight on Tuesday, 5 March.

Go easy on the accelerator until then, Mzansi.

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The current FEBRUARY 2024 petrol and diesel prices (Inland and Coastal):

INLAND	February
Petrol 93	R22.92
Petrol 95	R23.24
Diesel 0.05%	R21.36
Diesel 0.005%	R21.43
Illuminating Paraffin	R15.84

COASTAL	February
Petrol 93	R22.20
Petrol 95	R22.52
Diesel 0.05%	R20.64
Diesel 0.005%	R20.74
Illuminating Paraffin	R14.91