The Department of Energy has published the official fuel price adjustments for March 2021.
A big hike in prices for both petrol and diesel will take effect on 3 March, as reported on by BusinessTech.
The movement in prices is affected the most by the rand/US dollar exchange rate, and international oil prices.
The average international prices for petrol, diesel, and illuminating paraffin have increased steadily over the past few months, while the rand has shown appreciation against the US dollar.
Despite the good performance of the rand, it was not enough to offset the increases in international oil prices.
The petrol price changes that will take effect on 3 March 2021 are as follows:
- Petrol 93 – increase of 65 cents per litre
- Petrol 95 – increase of 65 cents per litre
- Diesel 0.05% – increase of 54 cents per litre
- Diesel 0.005% – increase of 56 cents per litre
- Illuminating Paraffin – increase of 47 cents per litre
The Automobile Association added that we can expect to see more petrol price hikes in the coming months, thanks to oil reaching its pre-Covid 19 price levels.
Additionally, the National Treasury recently announced an increase to the General Fuel and Road Accident Fund levies.
These fuel tax hikes will come into effect in April and result in a further increase in fuel prices.