Fuel prices confirmed to increase for month of February

At this point, it seems as though the CEF and the AA continually confirm fuel hikes for each new month. The latest data from the Central Energy Fund (CEF) is no different and shows that motorists should prepare for a sizeable increase in petrol and diesel prices in early February.

Fuel

Image: iStock

These potential increases couldn’t come at the worst time as South African consumers are already weighed down with household budgets. Load shedding is also another crippling issue that undoubtedly adds fuel to the already strong fire and the recently-announced electricity tariff increase of 18,65% doesn’t help alleviate the burden either.

The expected changes are as follows:

  • Petrol 93: increase of 58 cents a litre.
  • Petrol 95: increase of 52 cents a litre.
  • Diesel 0,05%: increase of 33 cents a litre.
  • Diesel 0,005%: increase of 22 cents a litre.
  • Illuminating paraffin: increase of 38 cents a litre.

While the Rand has remained relatively firm against the dollar, the oil price has strengthened in recent weeks. After falling to below $78 a barrel in the first week of January, it’s now above $86 as traders expect that demand from China will strengthen as its economy reopens. A 52c hike in the petrol price will take Gauteng 95 unleaded to above R21,90 a litre, from R20,14.

Diesel is set to rise to between R21,44 and R21,55 a litre compared to a price of R18,04 in 2022. The Gauteng diesel price has not been below R21 since March last year after Russia’s invasion of Ukraine triggered a spike in oil prices. The main driver behind the higher local prices is the rising cost of international petroleum product prices, pushed higher by a stronger global oil price.

The post Fuel prices confirmed to increase for month of February appeared first on CAR Magazine.


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