The latest data from the Central Energy Fund (CEF) suggests that South African motorists should anticipate a sharp hike in prices when filling their tanks come March, as both grades of petrol may push up by at least 67 cents per litre. Diesel may also increase sharply, with a predicted increase of between 85-87 cents per litre.
This increase is approximately 30 cents higher than mid-month estimates.
The main driving force behind the increase is the global rise in oil prices, as a barrel is currently pushing $68.
While the rand has strengthened against the US dollar, it has not done enough to resist the rising international cost of oil.
This what the new estimated figures for fuel prices in South Africa look like for March:
95 Petrol – R14.75 per litre
93 Petrol – R14.97 per litre
0.05% Diesel (wholesale) – R14.00 per litre