Wednesday, March 6, 2024
The Department of Mineral Resources and Energy (DMRE) has announced that all grades of fuel will increase by at least R1 from today.
The following are the increases have been announced:
- Petrol (93 ULP & LRP): R1.21 increase.
- Petrol (95 ULP & LRP): R1.21 increase.
- Diesel (0.05% sulphur): R1.05 increase.
- Diesel (0.005% sulphur): R1.18 increase.
- Illuminating paraffin (wholesale): 64 cents increase.
- Single Maximum National Retail Price for illuminating paraffin: 85 cents increase.
- Maximum LP Gas retail price: 41 cents increase
The increases mean that a litre of 95, which used to cost R23.24 in Gauteng, now costs R24.45 a litre.
The DMRE said a number of factors influenced the increases, including:
- The average Brent Crude oil price increased from 82.03 US Dollars (USD) to 82.50 USD during the period under review.
- The average international product prices of petrol, diesel and illuminating paraffin increased in line with the higher crude oil prices.
- The Rand depreciated slightly on average, against the US Dollar from 18.77 to 19.20 Rand per USD during the period under review. This led to higher contributions to the Basic Fuel Prices of petrol, diesel and illuminating paraffin.
- The DMRE Minister, Gwede Mantashe with the concurrence Minister of Finance, Enoch Godongwana approved an increase from 0.1 c/l to 1.0 c/l in the IP Tracer Dye Levy that is applicable to Diesel with effect from the 6 March 2024. This increase is temporary until the 5th of March 2025.
“South Africa’s fuel prices are adjusted monthly, informed by international and local factors. International factors include the fact that South Africa imports both crude oil and finished products at a price set at the international level, including importation costs,” the department explained.
