Time to fill up: another petrol price hike this week
The Central Energy Fund (CEF) has confirmed a R1.27 per litre retail price increase for petrol (93 and 95 octane) on Wednesday, March 1.
The wholesale price of high-sulphur 500 ppm diesel will rise 30c per litre and low-sulphur 50 ppm diesel will be 31c higher, while illuminating paraffin sees a 13c price increase.
The average international product prices for petrol increased, while diesel and paraffin decreased during the period under review, said the CEF. The rand’s depreciation from R17.05 to R17.74 against the US dollar led to a higher contribution to basic fuel prices, while there is a slate levy increase of 4c per litre.
Motorists started the year on a happy note with price cuts of more than R2 per litre for petrol and diesel in January. However, in February this was followed by a 28c per litre increase in the petrol price and a rise of 9c per litre in the wholesale price of 500 ppm diesel, while 50 ppm diesel decreased by 1c per litre.
In his budget speech on February 22, finance minister Enoch Godongwana said the general fuel levy and the road accident fund levy will not increase. This means the general fuel levy will remain at 18% of the retail price and the road accident fund levy at about 10%.
“To ease the impact of the electricity crisis on food prices, the refund on the road accident fund levy for diesel used in the manufacturing process, such as for generators, will be extended to manufacturers of foodstuffs. This takes effect from April 1 2023 for two years.”
In Gauteng the following prices per litre will apply from March 1:
95 ULP: R22.95
93 ULP: R22.65
Diesel 500 ppm: R21.62
Diesel 50 ppm: R21.72