By:  Ahmed Areff – News24

Petrol and diesel prices will both be hiked on Wednesday (06/03/2024). 

Unleaded petrol of both grades (93 and 95) will rise by R1.21 a litre, bringing the Gauteng price of 95 unleaded petrol to R24.45 a litre, while the coastal price will reach R23.73.

Diesel (0.05% sulphur) will increase by R1.05 a litre, while 0.005% sulphur will increase by R1.18 a litre. This leaves the Gauteng wholesale price at R22.41, with the coastal price rising to R21.69.

The wholesale price of illuminating paraffin will be hiked by 64c a litre, and the maximum retail price for LP gas is going up by 41c per kg.

South African fuel prices are largely determined by international oil costs and the rand exchange rate, as oil is priced in dollars.

The average Brent Crude oil price increased from $82.03 a barrel to $82.50 over the past month. This jump, according to the Department of Mineral Resources and Energy, was due to continued production cuts by oil cartel OPEC+, extremely cold weather affecting production from North America, and continued tension in the Red Sea, which added to the geopolitical risk premium on shipping costs.

The rand weakened from R18.77/$  to R19.20/$ over the past month.