JOHANNESBURG - The prices of both petrol and diesel are set to rise sharply from Wednesday, February 3, according to a statement released by the Department of Energy.
Both grades of petrol will increase by 81 cents a litre, while the price of diesel will rise by 59 cents in the case of low-sulphur 50ppm and 58 cents for 500ppm.
These adjustments will push the price of a litre of 95 unleaded petrol up to R14.97 at the coast and R15.67 inland, where the cheaper 93 ULP will now retail for R15.50. It’s not possible to list the retail price of diesel as it is unregulated and thus varies from forecourt to forecourt, however for what it’s worth the wholesale price of 50ppm diesel is now listed at R13.00 at the coast and R13.60 inland.
How much more will a tank cost?
If you’re driving a small hatchback with a 35 litre tank, such as a Kia Pianto for instance, then a full tank is going to cost you an extra R24, while a Volkswagen Polo with a 40 litre tank will set you back an extra R32.40. Make that R40.50 for a VW Golf with its 50 litre tank or R44.55 for the Toyota Corolla’s 55 litre capacity.
Filling up a diesel vehicle with an 80 litre tank, examples being the Toyota Hilux and Fortuner, Ford Ranger and Everest and BMW X5, will cost an extra R47.20 from Wednesday.
Why is the price going up?
The Automobile Association explains that although the South African rand has been performing significantly better than it did at the height of the Covid-19 crisis, oil prices have been steadily rising.
“Almost all of the fuel price increases reflected by this month's data are attributable to the stronger oil price, and the average rand/US dollar exchange rate has remained generally flat for the month, despite some large daily swings," the AA said.
At the time of writing Brent Crude oil was listed at $56 a barrel, which is almost triple what it traded for at the height of the Covid-19 crisis in early 2020. However, thankfully the rand has receded from its lows of around R19 a dollar, settling around the R15 mark in early February.