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Tuesday / 12 November 2024
HomeFeaturesThe 3 most important dates for petrol prices in South Africa

The 3 most important dates for petrol prices in South Africa

The three most important dates for fuel prices in South Africa fall on the first Wednesday of April, September, and December.

This is when things such as important tariffs, levies, wages, and wholesale and retail margins are adjusted.

According to the Department of Mineral Resources and Energy, the changes are made as follows:

  • April – Transport tariffs, fuel levies, and Road Accident Fund (RAF) adjustments
  • September – Forecourt attendant wage adjustments
  • December – Wholesale and retail margin adjustments, including secondary storage and transport costs

Other alterations to take note of include the octane differentials on petrol, which are reviewed once every quarter – i.e. March, June, September, and December.

These changes to the input costs of petrol and diesel are vital to ensure that entities invested in the South African petroleum value chain can achieve fair and predictable returns that keep up with inflation.

They also encourage continuous investment, which sustains reliable fuel supply to motorists and other industries that make use of propellants to operate.

A look back

Between 2019 and 2023, these annual adjustments collectively tacked on a minimum of R2.62 per litre to the prices of petrol at inland rates.

A standout year was 2022, when the Minister of Finance and Minister of Mineral Resources and Energy announced a reduction in the General Fuel Levy (GFL) by R1.50/l, a 1c/l increase to the Carbon Fuel Levy, and no changes to transport costs due to the country facing its highest fuel prices on record at the time in the aftermath of Covid-19.

However, this temporary “tax holiday” only remained in effect until May 2022, after which the GFL returned to R3.94/litre.

In support of consumers who bore the brunt of the lasting consequences of the pandemic, the ministers subsequently decided to postpone increases to the GFL and RAF Levy for the foreseeable future, including for 2024.

The below table shows the periodic hikes to the various elements in South Africa’s fuel prices in the five years between 2019 and 2023.

Take note that the octane differential adjustments are not published to the public and were therefore not included.

Year Transport tariffs, fuel levies, and RAF adjustments Forecourt attendant wage adjustments Margins, and secondary storage and transport adjustments Total
2019 25.7c/l 0c/l 11.6c/l 37.3c/l
2020 31.3c/l 5.3c/l 14.3c/l 50.9c/l
2021 28.2c/l 5.7c/l 12.14c/l 46.04c/l
2022 1.0c/l 0c/l 21.26c/l 22.26c/l
2023 40.8c/l 5c/l 60.1c/l 105.9c/l

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