Motorists must prepare for steep fuel price hike in March

After a comparatively minor fuel price increase in February, motorists are in for a more substantial uptake in March.

How much?

Based on current data tabled by the Central Energy Fund (CEF), consumers relying on petrol will be hardest hit with uptakes of R1.18 a litre for 93 unleaded and R1.24 a litre for 95 unleaded.

Similar to February, the rises in diesel and illuminating paraffin prices won’t be as excessive, but will go nonetheless by between 36 and 37 cents a litre and 42 cents a litre respectively.

Although not the final amounts as a secondary report is expected towards the end of this month, the series of graphs accompanying the latest prediction shows a weakening Rand relative to the US Dollar in addition to stronger international oil prices.

By mid-afternoon on Tuesday (14 February), the national currency had improved from R18.00 at the time of release to R17.82 against the greenback with Brent Crude Oil trading at $85.74 per barrel.

ALSO READ: Petrol and diesel price increases for Wednesday, 1 February confirmed

Could have been less

The weakening Rand paints the grimmest picture though as without it, petrol would have increased by 88 cents a litre for 95 unleaded, by 94 cents for 93 unleaded and by between three and four cents for diesel. An eight cents increase would apply to illuminating paraffin.

In it’s most recent reaction on the fuel price, made in the run-up to the February price adjustments, the Automobile Association (AA) said any rise in the fuel price levies, allegedly due to be implemented in April, would be disastrous for consumers reeling from Eskom’s pending electricity price hike as well as escalating living costs.

“Consumers can simply not afford any more price shocks and considering the impending 18.65% increase to electricity rates,” the AA’s statement at the time read.

“Consumers continue to be extremely embattled and increases to the two fuel levies will be counter-productive, are ill-timed, and have disastrous outcomes for millions of people already struggling to make ends meet.”

Final prediction will be made

The association is expected to release its latest reaction to the fuel price data at a later stage. As mentioned, a secondary CEF report is expected later on, this followed by the final prices by the Department of Energy.

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