Fuel price watch: BAD petrol, diesel news awaits in March 2024

The very early fuel projections from the Central Energy Fund (CEF) for March 2024 shows that BAD news lies ahead for diesel and petrol car owners.

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The data is trending towards a big increase for both diesel and petrol prices at the pumps.

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This news comes on the back of price increases for both petrol and diesel earlier this month, as reported by The South African website.

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Below, the latest projections as received by The South African website from the CEF, effective Monday, 12 February 2024.

FUELPRICE CHANGEPetrol 93increase of 131 centsPetrol 95increase of 135 centsDiesel 0.05%increase of 144 centsDiesel 0.005%increase of 159 centsIlluminating Paraffinincrease of 97 cents

If these market conditions were to remain consistent for the remainder of the month – an unlikely scenario with the rand/dollar exchange rate ever fluctuating and the oil price changing – an increase of 131 cents is expected for petrol 93 octane motorists and an increase of 135 cents for 95 users.

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Meanwhile, diesel motorists would see between a 144 to 159 cents per litre increase.

Finally, illuminating paraffin is expected to increase by 97 cents.

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FUEL PRICE IN SOUTH AFRICA IMPACTED BY TWO MAIN FACTORS:

1. The international price of petroleum products, driven mainly by oil prices

2. The rand/dollar exchange rate used in the purchase of these products

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Oil price

At the time of publishing the brent crude oil price is $82.27 a barrel.

Exchange rate

At the time of publishing the rand/dollar exchange rate is R18.85/$.

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The final overall price changes for both petrol and diesel will be confirmed in the weeks ahead with the new prices coming into effect at midnight on Tuesday, 5 March.

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Go easy on the accelerator until then, Mzansi.

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The current FEBRUARY 2024 petrol and diesel prices (Inland and Coastal):

INLANDFebruaryPetrol 93R22.92Petrol 95R23.24Diesel 0.05%R21.36Diesel 0.005%R21.43Illuminating ParaffinR15.84

COASTALFebruaryPetrol 93R22.20Petrol 95R22.52Diesel 0.05%R20.64Diesel 0.005%R20.74Illuminating ParaffinR14.91