PRETORIA – Motorists will likely have to dig deeper into their pockets to put petrol in their vehicle, as a significant petrol price increase is in expected for March 2023.
Unaudited mid-month fuel price data is suggesting substantial increases in the petrol price with the price of 95 ULP currently pegged for a R1.18 p/litre increase while the price of 93 ULP/LRP could increase by R1.24 p/litre.
Diesel price increases are also in the forecast with 0.05% Sulphur diesel showing an expected increase of 36 c/litre and 0.005% Sulphur diesel is expected to increase by 37 c/litre.
Increases in fuel prices won’t be welcomed as South Africans are already enduring excessive Eskom load shedding, which has a severe negative impact on the economy. More than this, higher interest rates and rapidly rising inflation is escalating the cost of living and consumers are increasingly overburdened.
During the period 27 January 2033 to February 2023, the Rand has steadily weakened against the US Dollar which is a main driver behind the forthcoming increase. The basket price of international petroleum products fell during the same period but with 2 weeks left in the month of February, exact adjustments are expected to change, but hopefully for the better!
