Petrol prices to increase by more than 65c/ℓ, diesel by 3c/ℓ on April 3

28th March 2024

By: Schalk Burger

Creamer Media Senior Deputy Editor


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Prices for 93-octane petrol will increase by 65c/ℓ and 95-octane petrol by 67c/ℓ, while 0.05% sulphur diesel will increase by 3c/ℓ and 0.005% sulphur diesel by less than 2c/ℓ from April 3, the Minister of Mineral Resources and Energy Gwede Mantashe announced on March 28.

However, the wholesale illuminating paraffin price will decrease by 29c/ℓ and the single maximum national retail price for illuminating paraffin will decrease by 58c/ℓ. The maximum liquefied petroleum gas (LPG) retail price will decrease by 19c/kg on April 3.

The average brent crude oil price increased to $84.22/bl from $82.50/bl during the period under review. The average international product prices of petrol increased following the higher brent crude oil prices during the period under review, the Department of Mineral Resources and Energy said.

The diesel, illuminating paraffin and LPG prices decreased on average owing to seasonal changes in the northern hemisphere as it moves away from the winter season.

The movement in product prices has led to a lower contribution to the basic fuel price of petrol by 47.40c/ℓ and higher contributions to the basic fuel price of diesel by 23.54c/ℓ and illuminating paraffin by 25.88c/ℓ, it said.

Additionally, the rand appreciated on average against the dollar to R18.04 to the dollar, from R19.20 to the dollar during the period under review when compared to the previous period.

This led to lower contributions to the basic fuel prices of all products by over 10c/ℓ.

Further, while the fuel levy and Road Accident Fund levy on both petrol and diesel will remain unchanged, the carbon fuel levy increased by 1c/ℓ on both petrol and diesel.

Thus, the fuel levy on petrol will increase to 396c/ℓ and on diesel will increase to 384c/ℓ.

Additionally, at the end of February 2024, the cumulative slate amounted to a negative balance for petrol and diesel of R2.65-billion. Therefore, in line with the provisions of the self-adjusting slate levy mechanism, a slate levy of 21.92c/ℓ will be implemented into the price structures of petrol and diesel with effect from April 3.

The slate levy is used to compensate oil companies for delays in pump price adjustments.

Mantashe also approved the yearly adjustments to road transport tariffs applicable in petrol, diesel and illuminating paraffin price structures, which will range from an increase of 14.8c/ℓ to an increase of 7.3c/ℓ.

"The primary transport tariffs applicable to the transport of petrol and diesel by means of the pipeline network and road network have increased.

"As a result of the different transport tariff adjustments to be implemented on April 3, price changes to similar products will differ in the 54 Magisterial District Pricing Zones," the department said.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online




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