Prepare for more pain: Fuel price predicted to soar even higher in April

Motorists’ pain at the pumps will continue in April with another record increase expected, come the 6^th of next month.

According to data published by the Central Energy Fund (CEF) on Tuesday (15 March), projections point to an over recovery of between 35 and 36 cents in the price of petrol and 37 cents for illuminating paraffin.

Based on the period under review period of 25 February to 14 March therefore, the CEF says it expects the price of 93 unleaded to increase by R2.19 a litre, 95 unleaded by R2.27 and paraffin by R2.66 a litre.

The price of diesel will see users having to fork out between R3.11 and R3.25 more from next month.

In announcing its latest prediction, the Department of Energy attributes the spike not only to increasing international oil prices brought on by Russia’s invasion of Ukraine, but also to the rand value relative to the US Dollar. 

Department explores plans to deal with fuel crisis

In an extensive presentation on the increase to Parliament earlier today, the Department said it is considering possible limitations on how many litres motorists will be privy to refuelling, and better enforcing of speed limits in order to prevent excessive fuel usage.

It added that consideration will also be given for added support to the taxi industry to lessen the burden on commuters, encourage employers to allow employees to work from home and work on helping to reduce another looming food price increase.

A reduction in taxes appears unlikely with the Department stating in the mentioned presentation that, “not increasing tax is a sacrifice, but the revenue must still be raised”.