The Department of Mineral Resources and Energy announced the latest fuel price adjustments, effective from Wednesday, 2 March 2022.
Here are the changes:
- Petrol 95: increase of R1.46 per litre;
- Petrol 93: increase of R1.46 per litre;
- Diesel 0.05%: increase of R1.44 per litre;
- Diesel 0.005%: increase of R1.48 per litre;
- Illuminating Paraffin: increase R1.21 per litre.
One of the main reasons for the increases in March relates to the rising crude oil prices as a result of Russia’s invasion of Ukraine, the Department explained.
“The Rand appreciated against the US Dollar during the period under review, on average, when compared to the previous period. The average Rand/US Dollar exchange rate for the period 28 January to 24 February 2022 was 15.2343 compared to 15.5081 during the previous period,” BusinessTech adds.
In a statement, the Automobile Association (AA) warned that oil prices might be pushed even higher if military action by Russia continues.
“The outlook for April remains unclear but… Russia’s military action in Ukraine could push international oil prices higher which will again impact locally,” the AA said.