The Central Energy Fund’s mid-month data suggests another fuel price increase is expected in March 2024.
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In January, the CEF’s mid-month data alluded to an increase of 75 cents for petrol and 73 cents for diesel. The latest data suggests that the price of 95 Unleaded petrol could increase by R1.35 per litre while 93 Unleaded is expected to increase by R1.31 per litre. If these increases are realised, motorists will have to pay R24.59 per litre for 95 Unleaded (inland) and R24.23 per litre for 93 Unleaded.
As for diesel, the price of the 500 ppm variant could increase by R1.44 per litre, whereas its 50 ppm counterpart might increase by R1.58 per litre. A concerning factor of the increase in diesel prices is that these increases will likely have a knock-on effect concerning inflation, as higher transport costs could hurt the prices of most goods.
Related: February Fuel Price Increase – Coastal and Inland Prices
An important aspect to note about the mid-month data is that the fuel increases are not set in stone, do not take into account other contributing factors, and are subject to change come month’s end. Reports suggest that the combination of higher oil prices and a weakening Rand are the main contributors to the expected fuel price increases. At the beginning of February, Brent Crude oil was trading at just under $80 per barrel, but after an upswing in oil prices earlier this week, the price of Brent Crude oil rose to $82 per barrel. At the time of the publication of this article, the price of Brent Crude oil has fallen to $80 per barrel.
We will continue to provide updates regarding fuel prices for March 2024 – stay tuned for official prices ahead of the first Wednesday of the month.
