Skip to main content

Petrol price double blow for SA consumers

| Economic factors

The proposed 80.5c/litre increase in the fuel price levies from April 1, combined with the expected 90c/litre price increase in March, is concerning, Absa said .

“The lowering fuel price that consumers have been enjoying over the past few weeks will soon be largely negated,” said Absa wealth and investments marketer and analyst Chris Gilmour in a statement.

“Consumers will see an overall fuel increase of 80.5 cents by 1 April, combined with an anticipated increase of around 90 cents per litre in March due to under-recovery of the fuel price.”

Earlier on Wednesday, presenting his first main budget as finance minister in the National Assembly, Nhlanhla Nene announced the general fuel levy would increase by 30.5c/litre and the Road Accident Fund levy by 50c/litre, effective from April 1.

Last week, Paul Joubert, senior economic researcher at the Solidarity Research, warned that the price of petrol may rise by as much as R1 per litre next month (4 March), while the wholesale price of diesel may go up by 80 cents.

South Africa has experienced seven straight months of fuel cuts. In the first week of February, the price of all grades of petrol dropped by 93 cents a litre, while in January the price of 93 and 95 octane petrol decreased by R1.27 and R1.23 a litre.

The current price for a litre of 95 Octane petrol in Gauteng is R10.31.

According to the latest data (24 February) from the Central Energy Fund, the fuel price is showing the following under-recovery:

93 Octane petrol – 88 cents

95 Octane petrol – 92 cents

Diesel 0.05% – 72 cents

Diesel 0.005% – 72 cents

Illuminating paraffin –  71 cents

Pin It

Related Articles

By: Nadia Khan - IOL After a two-month-long battle, the Ministry of Finance announced that the proposed 0.5% Value-Added Tax (VAT) rate hike would be withdrawn. 
By: Yogashen Pillay – IOL Business Report Motorists in South Africa could expect to have some relief next month as a fuel price cut is on the cards on the back of easing global Brent crude oil price, benefitting consumers who will be facing th…
By: Siphesihle Buthelezi – IOL South African consumers are feeling the impact of the rising costs of living with a notable shift in their financial behaviour. 
By:  Lynette Dicey - BDLive More than 80% of South Africans are using loyalty programmes — up from 76% in 2023
By: Denise Neethling - head of marketing at Paymenow With the VAT increase looming on May 1, 2025, and the usual seasonal price hikes across various sectors like insurance and electricity, South Africans face a tightening financial landsc…