Motorist to fork out much more for petrol and diesel from Wednesday

South African motorists will have to dig deep in their pockets with a hike in the petrol and diesel price from Wednesday.

The Department of Mineral Resources and Energy (DMRE) has announced the price of both 93 and 95 octane petrol will increase from Wednesday, 7 February 2024.

Petrol

Both 93 and 95 octane petrol will increase by 75c per litre.

This means you will pay R22.92/l for 93 and R23.24/l for 95 inland; and R22,20/l for 93 and R22.52/l for 95 at the coast.

Diesel

The price of diesel (0.05% sulphur) increases by 73c per litre, while diesel with 0.005% sulphur goes up by 70c per litre.

This means you will pay about R21.36/l for 0.005% sulphur inland and R21.46/l at the coast. 0.005% sulphur diesel will cost around R21.43/l inland and R20.72/l at the coast.

Paraffin and gas

Meanwhile, illuminating paraffin will cost 53 cents per litre more, while the price of LPGas increases by 47c per kilogramme.

This means you will pay R22.92/l for 93 and R23.24/l for 95 inland; and R22,20/l for 93 and R22.52/l for 95 at the coast.

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Reason for petrol increase

The DMRE said several international and local factors contributed to the increase in petrol and diesel prices.

Brent Crude price

The average Brent Crude oil price increased from 77.35 US Dollars (USD) to 82.03 USD during the period under review.

The higher oil prices were attributed to: The impact of the geopolitical risk or attacks on oil cargoes, in the Middle East, and the cold weather that affected production in the USA.

“This resulted in more than expected inventory draws,” the DMRE explained.

International petroleum prices

It said increases in petrol, diesel and illuminating paraffin prices were in line with the higher crude oil prices, while LPG prices increased due to higher freight cost.

“These factors led to higher contributions to the Basic Fuel Prices of petrol, diesel and illuminating paraffin by 68.50 c/l, 66.02 c/l and 46.17 c/l, respectively”.

Slate levy

“The cumulative slate balance on petrol and diesel at the end of December 2023 had a positive balance of R1,1 million.

“Therefore, there will be no slate levy implemented in the price structures of petrol and diesel with effect from the 7th of February 2024”.

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