The Central Energy Fund’s latest data indicates that motorists and logistics fleet owners must brace for the likelihood of further fuel price hikes in March.
According to the CEF’s mid-month data the price of petrol and diesel is expected to increase yet again as both fuel types currently reflect a significant price under-recovery on the back of rising oil prices and a weakened rand.
Petrol prices are reflecting a potential increase of around R1.35 per litre and diesel prices are likely to surge by between R1.40 to R1.60 per litre in March.
According to the data, lower octane 93 is likely to rise by R1.35 cents per litre and higher octane 95 is expected to increase by R1.31 cents per litre, while the wholesale price of diesel – 0.05% and 0.005% – is forecast to rise by R1.43 and R1,59 cents per litre respectively.
The price of Illuminating paraffin is expected to increase by 96 cents per litre.
Domestic fuel costs are influenced by rand/dollar exchange rates and international oil prices, which have spurred recent fuel price hikes, while the weaker rand has also added to the under-recovery.
International oil prices have been stable in 2024 but have risen during the first half of February to around $83 a barrel.
