Fuel price hike: Fill up before midnight!

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Petrol and diesel prices are set to increase from Wednesday, 2 March, due to the escalating crisis between Russia and Ukraine. Tomorrow’s massive fuel price increase will take South Africa’s fuel prices to record highs.

As per Mineral Resources and Energy (DMRE) Minister, Gwede Mantashe, the adjustment is based on local and international factors, reports The Citizen.

The escalating crisis between Russia and Ukraine led to a surge in crude oil prices amid supply fears.

The implementation of the Self-Adjusting Slate Mechanism rules (effective from 2 March 2022) and the Rand/US Dollar exchange rate also impact the South African fuel price.

“The combined cumulative Slate balances of petrol and diesel amounted to a negative R5.102 billion at the end of January 2022”, the DMRE said in a statement.

The fuel prices for March will be adjusted as follows:

  • The price of petrol (both 93 and 95 ULP & LRP) will increase by R1.46/l,
  • Diesel (0.05% sulphur) will increase by R1.44/l,
  • Diesel (0.005% sulphur) will increase by R1.48/l,
  • Iluminating paraffin (wholesale) by R1.21/l,
  • Maximum LPGas retail price by 70 cents/kg.

 Cheryl Kahla