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No Relief for Motorists: Big Fuel Price Increases Confirmed for February

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Picture: VLADSTAR/123RF

South African motorists are set to feel more financial strain as fuel prices are expected to rise significantly from Wednesday, February 5. Month-end data from the Central Energy Fund (CEF) indicates sharp increases for both petrol and diesel, continuing a trend of escalating fuel costs.

How Much Will Fuel Prices Increase?

According to the latest projections, motorists can expect the following price hikes:

  • 95 Unleaded petrol: Up by around 83 cents per litre
  • 93 Unleaded petrol: Up by 90 cents per litre
  • 50ppm diesel: Rising by R1.01 per litre
  • 500ppm diesel: Increasing by R1.06 per litre

With these increases, the new estimated fuel prices will be:

  • 95 Unleaded petrol: Around R21.63 per litre at the coast and R22.46 in Gauteng
  • 93 Unleaded petrol: Around R22.24 per litre inland
  • 50ppm diesel: Approximately R18.68 per litre at the coast and R19.44 inland (excluding retail mark-ups)

These estimates are based on the latest under-recoveries recorded in January. However, the final prices, to be confirmed by the Department of Mineral Resources and Energy (DMRE), could be even higher if additional factors—such as adjustments to the slate levy—are applied.

Why Are Fuel Prices Increasing?

The primary reason behind February’s fuel hikes is the increase in international oil prices. Brent Crude oil, which averaged $72 per barrel in the previous review period, peaked at $82 per barrel in mid-January before dropping slightly to around $76.

Other contributing factors include:

  • A weaker rand: The local currency has contributed approximately 36 cents per litre to the under-recovery, putting further pressure on fuel prices.
  • Global market uncertainty: Trade tensions and US sanctions on Russian fuel exports have caused volatility in oil prices.
  • Cumulative price hikes: February’s increase follows successive hikes in recent months, including a 12-19 cent increase in January, 17 cents in December, and 25 cents in November.

What to Expect for March Fuel Prices?

With the rand still under pressure and oil prices remaining volatile, motorists should brace for further increases in the coming months. The South African currency took another hit following former US President Donald Trump’s comments regarding South Africa’s land expropriation policies, raising concerns that further depreciation could push fuel prices even higher.

Final Fuel Price Announcement Coming Soon

The DMRE will confirm the official February fuel prices in the coming days, with the new rates set to take effect on Wednesday, February 5.

Motorists are advised to fill up before the increase takes effect to save on fuel costs. However, with ongoing economic instability, it remains uncertain when South Africans will see relief at the pumps.

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