fuel price update
The latest fuel projections suggest bad news for petrol car owners in May 2024. Photo: iStockPhoto

Home » LATEST fuel price: March’s expected petrol prices bad for petrol and diesel drivers

LATEST fuel price: March’s expected petrol prices bad for petrol and diesel drivers

The latest fuel data projections point to significant petrol and diesel price hikes in March.

fuel price update
The latest fuel projections suggest bad news for petrol car owners in May 2024. Photo: iStockPhoto

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

QUIZ | Can you name every South African president since 1994?

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

ALSO READ | List of South African presidents by AGE

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

MUST READ | South Africa’s Top 10 suburbs for houses sold in 2023

Below, are the latest projections as received by The South African website from the CEF, effective Thursday, 15 February 2024.

FUELPRICE CHANGE
Petrol 93increase of 129 cents
Petrol 95increase of 132 cents
Diesel 0.05%increase of 138 cents
Diesel 0.005%increase of 154 cents
Illuminating Paraffinincrease of 92 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 129 cents is expected for petrol 93 octane motorists and an increase of 132 cents for 95 users.

MUST READ | Which of South Africa’s 9 provinces is the LARGEST by population size?

Meanwhile, diesel motorists would see between a 138 to 154 cents per litre increase.

Finally, illuminating paraffin is expected to increase by 92 cents.

MUST READ | Does leaving appliances plugged in use power?

DID YOU KNOW | Children born to FOREIGN parents can qualify for SA citizenship

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

ALSO READ | South African-designed SHARK barriers gain worldwide acclaim


Oil price

At the time of publishing the Brent crude oil price is $82.71 a barrel.

Exchange rate

At the time of publishing the rand/dollar exchange rate is R18.91/$.

ALSO READ: 5 ways to renew your vehicle license online


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.

WATCH | LIVE 24-hour wildlife stream: Ol Donyo Lodge in Kenya

Go easy on the accelerator until then, Mzansi.


ALSO READ | ‘Carrots improve eyesight’: 8 common MYTHS debunked

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

INLANDFebruary
Petrol 93R22.92
Petrol 95R23.24
Diesel 0.05%R21.36
Diesel 0.005%R21.43
Illuminating ParaffinR15.84
COASTALFebruary
Petrol 93R22.20
Petrol 95R22.52
Diesel 0.05%R20.64
Diesel 0.005%R20.74
Illuminating ParaffinR14.91