Photo: Unsplash
Photo: Unsplash
The forecast petrol price increase for March will now be higher than first feared: Fuel costs are set to hit their highest levels since 2019 next week, marking a fourth consecutive month of hikes for the motorists of Mzansi.
According to the latest data from the Central Energy Fund, the petrol price is set to increase sharply, by 66 cents per litre. The picture is also unfavourable for diesel consumers, who are now likely to pay 57 cents more for each litre of fuel:
According to the AA, the ‘ominous’ recovery of the global oil market has essentially condemned South Africans to a higher petrol price ‘for the foreseeable future’. With recently announced hikes on fuel levies set to take effect in April, another payment increase at the pumps seems nailed on in a month’s time:
“The international oil price seems unstoppable. We are in an eight-week streak of price climbs with no sign yet of a ceiling. The USA’s oil production tailed off in the wake of the petroleum glut at the height of the pandemic in 2020, but information from the US Energy Information Administration is showing that US inventories have dropped back into a normal range.”
“Until oil supply and demand settle into stability, more hikes are likely. And, we cannot forget that April will already start with a significant addition of 26 cents a litre to fuel prices because of increases to the General Fuel and Road Accident Fund levies – inflicting further blows to already battered South African consumers.”
AA statement