Fuel price hike tonight
JOBURG – Happy days are over for motorists and consumers as they will have to tighten their belts in anticipation of a fuel price hike at midnight.
According to the department of energy the prices of petrol, diesel, illuminating paraffin and liquefied petroleum gas will increase with effect from 4 March. South Africa’s fuel prices are adjusted on a monthly basis, informed by international and local factors.
“The main reason for the fuel price increases is the average increase in the price of crude oil [by about 20 percent] during the period under review compared to the previous period,” the department said in a statement.
The department also stated that another reason for the fuel price increase was the depreciation of the rand against the US dollar. However, the slate levy on petrol and diesel remain unchanged at zero cents per litre, due to positive cumulative over-recoveries on these products based on current local and international factors.
The fuel prices for March in the South African market will be adjusted as follows: Petrol will increase by 96 cents per litre. Diesel will increase by 74 cents per litre, illuminating paraffin will increase by 73 cents per litre and liquefied petroleum gas will increase by 154 cents per kilogram
The department also believes that the price of crude oil will stabilise around the current level, and as such no major price shocks are expected in the future.
