It’s too early to know for sure what lies ahead for fuel prices in May, but the latest data doesn’t look good. Image: Pixabay
Petrol and diesel price LATEST: Bad news ahead of next week’s hike
It’s too early to predict what lies ahead for diesel and petrol prices in March, but the latest data suggests it’s not going to be pretty.
It’s too early to know for sure what lies ahead for fuel prices in May, but the latest data doesn’t look good. Image: Pixabay
It’s still too early to accurately predict what lies ahead for diesel and petrol prices in March, but the latest data from the Central Energy Fund (CEF) looks DIRE, especially for petrol users.
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Looking ahead, fluctuations in international product prices and rand weakness show the following under-recoveries (price increases) or over-recoveries (price decreases) for petrol and diesel as per data at 17 February 2023:
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| Fuel | Price change |
| Petrol 93 | increase of 127 cents per litre |
| Petrol 95 | increase of 122 cents per litre |
| Diesel 0.05% | increase of 34 cents per litre |
| Diesel 0.005% | increase of 35 cents per litre |
| Illuminating Paraffin (wholesale) | increase of 29 cents per litre |
If these market conditions were to remain constant for the rest of the month – an unlikely scenario with the rand weakening and the oil price increasing – an increase of 127 cents is expected for 93 octane motorists and a increase of 122 cents for 95 users.
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Meanwhile, diesel motorists would see something between a 34 and 35 cents per litre increase.
FUEL PRICE IN MZANSI 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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Exchange rate
At the time of publishing the rand/dollar exchange rate is R18.04/$.
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Oil price
At the time of publishing the brent crude oil price is $83.77 a barrel.
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The final overall price changes for both petrol and diesel will be confirmed in the coming weeks with the new prices coming into effect at midnight on Tuesday, 28 February.
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Go easy on the accelerator until then, Mzansi.
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The current prices at the pumps (Inland and Coastal):
| Inland | February |
| 93 Petrol | R21.38 |
| 95 Petrol | R21.68 |
| 0.05% diesel (wholesale) | R21.32 |
| 0.005% diesel (wholesale) | R21.43 |
| Illuminating Paraffin | R15.84 |
| LPGAS (p/kg) | R36.26 |
| Coastal | February |
| 93 Petrol | R20.73 |
| 95 Petrol | R21.03 |
| 0.05% diesel (wholesale) | R20.67 |
| 0.005% diesel (wholesale) | R20.79 |
| Illuminating Paraffin | R15.05 |
| LPGAS (p/kg) | R33.85 |
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