On Wednesday, South African motorists will have to fork out an extra R1.20 per litre for petrol, while the price of diesel is set to increase by R1.18 per litre.
Unaudited figures from the Central Energy Fund (CEF) show the increase that will take effect on 6 March will be even steeper than the one in February, according to a media statement by the Automobile Association (AA).
This will put further pressure on South African consumers who struggle to make ends meet amid high interest rates and inflation which put further pressure on household finances.
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In February, the fuel price increases were 75 cents per litre for petrol and between 70 cents and 73 cents per litre for diesel.
The March increase will result in 95ULP costing R24.44 per litre and 93ULP R24.10 per litre inland.
The AA attributes the increases to higher international product prices in addition to a weaker rand. “While the weaker rand is contributing to a small margin to the under-recovery and increase to prices expected next month, the overall picture still looks bleak, and consumers will feel the pinch,” the AA said.
National Treasury provided some relief in the 2024 Budget though, by not increasing the General Fuel Levy and the Road Accident Fund. These levies have been kept unchanged for the third consecutive year.
Read: #Budget2024 in a nutshell: No major tax hikes
The fuel price increases will take effect from Wednesday, 6 March 2024.
