Petrol and fuel prices are expected to rise on Wednesday. The Department of Mineral Resources and Energy (DMRE) announced that the price of 93 and 95 octane petrol will rise by R1,27 cents per litre beginning March 1, 2023.
The price of a litre of unleaded 95 fuel will rise to R22.95 inland and R22.30 on the coast as a result of the increases. Diesel with (0.05% sulphur) costs 30 cents more per litre, whereas diesel with (0.005% sulphur) costs 31 cents more.
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Illuminating paraffin will cost 13 cents more per litre, while LP gas will cost R5.22 more per kilogramme. Because stations can set their own retail prices, the actual change in diesel pricing at the pumps will vary from one to the next.
According to DMRE spokesperson Robert Maake, various worldwide and local factors contributed to the increase in gas prices.
“The movement in international refined petroleum product prices, diesel and illuminating paraffin decreased whilst petrol increased during the period under review. The main reasons for the fuel price adjustments are in the increase of the Brent Crude price,” he said.
He explained that the average Brent Crude oil price fell marginally over the study period, from 83.00 USD per barrel to 82.14 USD per barrel.
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The key issue is the weekly data, which indicated that crude oil stockpiles increased for the ninth month in a row.
Petrol prices are increasing at a higher rate than diesel due to decreased inventory levels globally and the shutdown of refineries in some countries for seasonal maintenance. The impact of EU restrictions on Russian fuel imports has already been factored in.
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