Steep Fuel Price Hike Anticipated for February

All good things must come to an end and following a fairly stable January, it seems that a steep fuel price hike is expected for next month owing primarily to foreign factors out of South Africa’s control.fuel price hike

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It seems that bad news is imminent and that motorists should brace for a significant fuel price hike in February 2025. Early data from the Central Energy Fund (CEF) indicates substantial under-recoveries across all major fuel types, suggesting notable hikes at the pumps.

The anticipated adjustments for February 2025 include a 68-cent per litre increase for Petrol 93, about a 64-cent rise for Petrol 95, and a 70-cent per litre hike for Diesel 500 ppm. Diesel 50 ppm is projected to increase by approximately 74 cents per litre, while Illuminating Paraffin could see a 49-cent increase.

Related: No Januworry Expected With Provisional January Fuel Price

Several key factors are driving these expected increases. The price of Brent Crude oil has risen significantly since December 2024, contributing to higher import costs. Additionally, the South African rand has weakened slightly against the strengthened US dollar, making oil imports more expensive. From the middle of December, the US dollar has gone from R17.80 to R18.99 These combined pressures have led to under-recoveries, where current pump prices fall below actual import costs, prompting necessary price adjustments.

Related: Fuel for Thought – SA’s Poor Fuel Quality the Reason Behind Delayed Golf GTI?

The Department of Mineral Resources and Energy (DMRE) will officially announce the fuel price adjustments at the end of January 2025, with new prices effective from Wednesday, 5 February 2025. While current data points to increases, potential changes in global oil prices and the rand/dollar exchange rate could alter these projections. Stay tuned for CARmag for the official pricing then.

Browse thousands of new and used vehicles here with CARmag!

The post Steep Fuel Price Hike Anticipated for February appeared first on CAR Magazine.


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