The petrol price will go up by R1.21 a litre on Wednesday
The petrol price will go up by R1.21 a litre on Wednesday, according to the latest fuel adjustments from the department of mineral resources and energy.
Motorists will also pay more for diesel, which is set to increase by between R1.05 and R1.18 a litre.
These increases will bring the inland price up to R24.13 a litre for 93 octane petrol and R24.45 a litre for 95 octane, marking a 6.5% hike compared to March 2023.
While much lower than their highs in 2022 and 2023, crude prices have edged up in the first months of this year — largely because of production cuts as well as uncertainty regarding tensions in the Middle East, which have spilled over into the Red Sea, a major shipping artery.
Meanwhile, the rand has continued its weak streak, now trading at about R19 to the US dollar.
In its last statement, the South African Reserve Bank’s monetary policy committee noted that oil markets would remain tight in 2024, citing ongoing geopolitical tensions as well as better-than-expected global growth. That said, the committee expects domestic fuel price inflation to be low in 2024, averaging below 1%.