There have been whispers of a massive fuel increase that could take effect over the next few months, but it looks like the reality may be closer than we think. The latest data released by Central Energy Fund (CEF) has revealed that petrol and diesel prices could see an increase as early as the first week of April.
Local fuel prices hinge on international oil prices and the dollar-rand value, and as the Russian-Ukraine conflict rages on a thousand kilometres from our shores, South Africa will need to fork out a little extra, as per News24.
Based on data collected by the CEF, 95 octane petrol could increase by a whopping R2.32/litre in April, pushing the price of petrol to more than R23.90 – a huge difference when compared to the R16.32 South Africans paid for petrol about a year ago.
Diesel users will not escape the price hike either, as the imminent increase will likely be between R3.09/litre to R3.20, while paraffin will increase to R2.69.
However, motorists will need to hold their breath as we still have three weeks left before the start of April and the final price adjustment is revealed. A lot can change in the coming weeks, including the price of oil.
Russia is considered the world’s third-largest producer of crude oil, but as various countries continue to place stringent sanctions on them, there could be an enormous surge in oil prices over the coming weeks.