logo
Latest News
Follow
Sunday / 14 July 2024
HomeNewsBig petrol price increases confirmed for March

Big petrol price increases confirmed for March

The official fuel price increases for the new month have been announced by the Department of Mineral Resources and Energy (DMRE), showing that petrol prices in the country are going up by R1.27 per litre on Wednesday, 1 March, and diesel is rising by up to 31 cents per litre.

These changes are mostly due to a depreciating rand which rose against the US dollar from an average of R17.0462/dollar during the first month of the year to an average of R17.7402/dollar in the second.

Additionally, the average international product prices for petrol increased during the period 27 January to 23 February 2023, whilst the prices for diesel declined, reported BusinessTech. The result is a much more substantial increase for the former fuel type in March.

The Slate Levy was also jacked by 4.38 cents per litre to 21.92 cents per litre in line with the self-adjusting slate mechanism.

With these elements taken into account, the official fuel price adjustments per fuel taking effect in March, according to the DMRE, are as follows:

  • Petrol 93 – Increase of R1.27 per litre
  • Petrol 95 – Increase of R1.27 per litre
  • Diesel 0.05% – Increase of 30 cents per litre
  • Diesel 0.005% – Increase of 31 cents per litre

No fuel taxes for 2023

At last week’s annual budget speech, finance minister Enoch Godongwana announced welcome relief measures for motorists and certain industry participants.

The minister said there are “no major tax proposals” in this year’s budget and that the General Fuel Levy (GFL) and Road Accident Fund (RAF) Levy will be unchanged in 2023.

As such, the GFL will remain R3.94 per litre and RAF levy R2.18 per litre. Together with the Slate Levy, which is now 21.92 cents per litre for the month of March, taxes on petrol and diesel in South Africa sit at approximately R6.34/litre.

Godongwana also announced assistance for food manufacturers reliant on diesel.

“To ease the impact of the electricity crisis on food prices, the refund on the Road Accident Fund levy for diesel used in the manufacturing process, such as for generators, will be extended to manufacturers of foodstuffs,” said the minister.

“This takes effect from 1 April 2023 for two years.”

The table below shows how March’s fuel price adjustments will reflect at the pump:

Fuel type Inland Coastal
Petrol 93 R22.65 R22.00
Petrol 95 R22.95 R22.30
Diesel 0.05% R21.62 R20.97
Diesel 0.005% R21.72 R21.08

Share

Show comments