Photo: Unsplash
Photo: Unsplash
Get stuffed. The last thing any of us need right now is a soaring petrol price, and yet, here we are. The Central Energy Fund has released its latest forecast for February, and the figures are set to bring more misery to the motorists of Mzansi.
PETROL PRICE FOR SOUTH AFRICA IN FEBRUARY 2021
According to the latest data from the Central Energy Fund, the petrol price is set to increase sharply, by 82 cents per litre. The picture is also unfavourable for diesel consumers, who are now likely to pay 59 cents more for each litre of fuel:
- Petrol is set to rise by 82 cents per litre.
- Diesel is going up by 59 cents per litre.
- Average petrol price forecast for January 2021 – R15.68 inland, R14.98 by the coast.
- Average diesel price forecast for January 2021 – R13.59 inland, R12.99 by the coast.
- Illuminating paraffin, meanwhile, is set to soar by 60 cents.
Why are fuel costs set to spike?
According to the AA, we’re in this for the long haul. Global economies are trying to start their recovery processes following the pandemic, and demands for oil continue to increase. This is driving the international value up, and with South Africa being heavily reliant on imports, this significantly dictates the petrol price at the pumps:
“Unfortunately our mid-month concerns over the advancing oil price have been borne out in practice. There has been a slow, but steady, rise in the price of oil which is likely to cause ongoing pain at the pumps.”
Almost all of the petrol price increases reflected by this month’s data are attributable to the stronger oil price, and the average Rand / US dollar exchange rate has remained generally flat for the month, despite some large daily swings.”
“Any economic or policy shocks – which weigh on the Rand – are even more likely to have a more significant effect on the fuel price now that international oil prices have rebounded.”
AA statement
