Petrol price hike incoming – how much more you could be paying to fill your tank in February

South African motorists are set to pay slightly more to fill up their cars from Wednesday (7 February 2024), with the cost of petrol expected to go up by 44 cents per litre while diesel could go up by around 45 cents.

According to the latest data from the Central Energy Fund, diesel and petrol prices are currently aligned in their under-recoveries due to a weaker rand and higher international petroleum prices.

On Wednesday, the rand decreased below R19 to the dollar. However, earlier in the week, the rand was affected by global tensions between NATO and Russia, leading to market chaos and causing the rand to increase above R19.20 to the dollar.

The unit has been largely range-bound so far in 2024, but even at the R18.90 levels seen on Wednesday is contributing to an under-recovery in prices.

Despite the performance of the rand, the real culprit for the under-recovery is the oil price.

Oil prices climbed higher due to lowered inventories and Middle East tensions, which outweighed expectations of increased supply in 2024, according to Bloomberg analysis.

Additionally, global benchmark Brent inched toward $80 a barrel after starting off the year around $75 a barrel.

Analysts have noted, however, that the impact on oil prices is largely tied to increased costs and risk sentiment, and not actual supplies – thus, the lift in pricing may subside.

Considering this, the table below shows the expected pump prices for February 2024.

The tables below show how much you could pay to fill up your car’s tank with petrol and diesel inland in February compared to January 2024.

Petrol

Diesel

While it is impossible to accurately track exactly how much petrol you will consume due to traffic and road quality, it is possible to get a rough estimate of how these petrol prices will impact your current petrol allowance based on manufacturer estimates.

The table below shows how much it could cost you to travel 100km next month in some of the country’s best-selling cars compared to what you’re paying now.

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