How much more you’re paying for a tank of petrol in South Africa in March 2024

South African motorists are now paying almost R25 per litre to fill up their cars as of Wednesday (6 March 2024), with the cost of petrol already expected to go up by over R1 per litre while diesel could go up by around 65 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.

Bloomberg analysis shows that although oil prices have been relatively stable, they have gradually increased since the start of the year.

This can be attributed to the production cuts by oil-producing countries (OPEC+), the ongoing tensions in the Middle East, and disruptions in shipping in the Red Sea.

The most recent disruption occurred on Wednesday when a commodity ship was struck.

This has added a premium of as much as $1 per barrel – the highest in four months, Bloomberg said.

Currently, the volatile oil markets are causing a significant impact on petrol prices in South Africa. The under-recovery rate is being affected by 55 cents to 110 cents per litre due to the instability in the oil market.

As a result, South Africans will not see any substantial decrease in petrol prices until the markets stabilise, although the weakness of the rand against the dollar is contributing less to the under-recovery, with only 7 cents being added at present.

Despite this, the average Rand/US Dollar exchange rate for the period 02 February 2024 to 29 February 2024 was 19.0186 compared to 18.7655 during the previous period.

This led to a higher contribution to the Basic Fuel Prices of petrol, diesel and illuminating paraffin by 17.71 c/l, 18.74 c/l and 18.53 c/l, respectively.

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 March compared to February 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.

Read: How far above the speed limit you can drive before getting fined in South Africa