Here are the latest petrol and diesel prices for February

On this Wednesday, 7 February, South Africa finds itself grappling with a notable surge in petrol and diesel prices, as announced by Mineral Resources and Energy Minister, Gwede Mantashe.

Effective immediately, motorists will experience a significant increase. Unleaded petrol prices for both 93 and 95 grades will surge by 75c per litre. Additionally, diesel prices will witness a substantial hike ranging from 70c to 73c per litre.

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Additionally, the price of illuminating paraffin sees a sharp rise of 53c per litre. The maximum retail price for LP gas climbs by 37c per kg.

Petrol and diesel prices reflect global fluctuations

This latest adjustment, attributed to a complex interplay of international and local factors, underscores South Africa’s vulnerability to the fluctuations of the global energy market.

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“International factors include the fact that South Africa imports both crude oil and finished products at a price set at the international level, including importation costs, for example, shipping costs,” the department explained.

Of particular note is the impact of recent geopolitical unrest in the Middle East. Notably, disruptions in the Red Sea have led to increased shipping rates as vessels are rerouted on longer and costlier paths. These developments are contributing to the overall rise in fuel prices.

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Furthermore, adverse weather conditions in the United States have hampered production, resulting in unexpected inventory draws and exacerbating supply constraints.

The surge in petrol and diesel prices is further compounded by the rise in average Brent Crude oil prices. Brent Crude spiked from US $77.35 to US $82.03 in the past month alone due to geopolitical risks and OPEC+ production cuts.

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Global market fluctuations drive fuel prices

The international markets mirror these price increases for petrol, diesel, and illuminating paraffin. Fluctuations in the rand/US dollar exchange rate exacerbate these challenges.

“The cumulative slate balance on petrol and diesel at the end of December 2023 had a positive balance of R1.1 million.

As South Africans grapple with the repercussions of these adjustments, the broader implications of the global energy landscape remain uncertain.

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