Big petrol price increases this week

6 February 2024 | SANews

Fuel prices are set for a major increase this week from Wednesday.

The Automobile Association (AA) says the short-lived relief South African motorists enjoyed in the past three months is over.

According to the latest data from the Central Energy Fund (CEF), 93ULP and 95ULP petrol are expected to climb by 75c/l while diesel is expected to increase by around 70c/l. Illuminating paraffin is expected to be 53c/l more expensive. LP gas will also cost more, increasing by 37 cents a kilogramme.

“The movement in international oil prices is contributing a significant percentage to the increases while the weaker average Rand to US Dollar exchange is adding an impactful but smaller margin to the expected increases,” notes the AA.

“The increases to the prices of petrol will have a negative impact on household budgets at this early part of the year while most consumers are still recovering from festive season spending and stretched budgets. The cumulative effect on personal finances will be a further reduction of disposable income which will be exacerbated by increases to goods and services which must recoup the higher fuel input costs.

“We again urge consumers to monitor their fuel usage carefully, and to budget according to the new fuel prices which come into effect next Wednesday. Ensuring vehicles are well maintained and in good mechanical condition, carefully planning routes, and avoiding heavy traffic, if possible, are some ways in which motorists can ensure better fuel consumption,” the AA concludes.

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