Expect a bigger petrol price hike in March

Motorists can expect a bigger than anticipated petrol price hike in March, due to rising global oil prices.

According to the latest data from the Central Energy Fund, South African motorists should anticipate a hike at the pumps of 67 cents per litre for both grades of petrol, while diesel will increase by 85 – 87 cents per litre.

This is about 30 cents higher than mid-month estimates.

The key driving force behind the increase is the rise in global oil prices, which are pushing toward $68 a barrel (from just under $65 at mid-month, and up from $60 in January).

While South Africa’s currency has clawed back ground against the dollar, following jitters ahead of and just after the 2019 budget speech, the positive moves are not enough to counter-act the rising global costs.

This is what you can expect to pay for petrol next week, based on the latest estimates. The department will announce the official changes before Wednesday, 6 March.

Fuel February Official March Expected
95 Petrol R14.08 R14.75
93 Petrol R13.87 R14.97
0.05% Diesel (wholesale) R13.15 R14.00

More hikes coming

South African motorists are expected to face additional price pressure in the coming months, after finance minister Tito Mboweni announced new tax hikes on fuel last week, which will add 29 and 30 cents to the overall price by June 2019.

This includes a hike in the general fuel levy by 5 cents, as well as a 15 cents increase to the Road Accident Fund levy for petrol and diesel. This will take effect from April 2019.

In June, the carbon tax will come into effect, which will add a further 9 cents per litre to the price of petrol, and 10 cents per litre for diesel.

By the end of the hikes, SA motorists will be paying R5.63 and R5.49 in taxes per litre for petrol and diesel, respectively.

On a vehicle with a 50 litre tank, this means that drivers will be paying between R274.50 (diesel) and R281.50 (petrol) in tax, every time they fill up.

Read: You will soon be taxed R280 every time you fill up with petrol

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Expect a bigger petrol price hike in March