Unaudited data from the Central Energy Fund (CEF) suggests a notable uptick in the prices of petrol, diesel, and illuminating paraffin for March, as reported by the Automobile Association (AA).
The AA expressed concerns over the expected hikes, highlighting the added financial strain it would impose on consumers already grappling with rising costs.
According to the latest CEF figures, the expected hike for 95ULP stands at R1.20/l, while 93ULP is projected to increase by R1.15/l. Diesel prices are set to surge by approximately R1.18/l, with illuminating paraffin facing a 63c/l increase.
Should these forecasts materialize, inland prices for 95ULP and 93ULP are estimated to reach R24.44/l and R24.10/l, respectively.
“The main driver behind the increases is higher international product prices in addition to the higher average rand-dollar exchange rate. While the weaker rand is contributing a small margin to the under-recovery and increase to prices expected [in March], the overall picture looks bleak and consumers will feel the pinch,” said the AA.
However, there is a silver lining for consumers. The General Fuel Levy and the Road Accident Fund levy, the two primary fuel levies, will remain unchanged for the third consecutive year.
“These levies are traditionally increased in February and implemented in April, but the minister of finance heeded calls by the AA, and in his February budget speech indicated this will not happen again this year.
"Though not a saving as such, any increases would have added additional pressure to fuel prices, and we again welcome his decision not to increase these rates for 2024,” said the AA.
The official adjustment of fuel prices is scheduled to take effect on 6 March.
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