Official fuel price for February – in effect from Wednesday

The Department of Mineral Resources and Energy has published the official fuel price adjustments for February 2024.

OFFICIAL FUEL PRICE FOR FEBRUARY – IN EFFECT FROM WEDNESDAY

Price adjustments will come into effect at midnight on Wednesday, 7 February 2024.

Motorists will now pay 75c more for a litre of unleaded petrol of both grades (93 and 95), while the wholesale price of diesel will go up by between 70c and 73c.

The wholesale price of illuminating paraffin will be increased by 53c a litre and the maximum retail price for LP gas is going up by 37c per kg.

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Some reasons for South Africa’s adjusted prices include international and local factors.

SOME REASONS FOR SOUTH AFRICA’S ADJUSTED PRICES INCLUDE INTERNATIONAL AND LOCAL FACTORS

“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 on Tuesday.

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It furthermore added that the main reason for the fuel price adjustments department is the cost of the average Brent crude oil, which increased from US $ 77.35 to US $ 82.03 in the past month.

The department said the higher oil prices are attributed to the impact of geopolitical risks or attacks on oil cargo in the Middle East, particularly the Red Sea.

RISKS OR ATTACK ON OIL CARGO IN THE MIDDLE EAST ATTRUBUTED TO THE HIGHER OIL PRICES

“This has caused an increase in shipping rates as ships are rerouted from the Middle East to Europe, using the longer and more expensive route around Africa since they cannot import from Russia.”

The department said.

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HOW CAN YOU SAVE FUEL? 

MasterDrive CEO Eugene Herbert said basic driving adjustments could help with petrol and diesel consumption:

• Anticipate changes to traffic conditions and minimise unnecessary braking and acceleration.
• Reducing speed by 20km/h can reduce fuel consumption by 20%.
• Plan your route and use traffic apps and alerts to avoid traffic jams and congestion.
• Keep your RPMs around 3 000 as it can also reduce your consumption by 20%.
• Regular maintenance improves fuel efficiency.
• Minimum use of the aircon.

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