By It doesn’t get any better, as anticipated throughout February, the Minister of the Department of Mineral Resources and Energy Mr. Gwede Mantashe has announced a head-spinning increase on fuel prices which will take effect on Wednesday 06 March 2024.
Sighting international factors that pushed fuel prices in South Africa up, with petrol increasing by a whopping R1.21; Mantashe announce the price adjustments as follows:
Petrol (93 ULP & LRP): One hundred and twenty-one cents per litre (121.00 c/l) increase.
Petrol (95 ULP & LRP): One hundred and twenty-one cents per litre (121.00 c/l) increase.
Diesel (0.05% sulphur): One hundred and five pont seven cents per litre (105.70 c/l) increase.
Diesel (0.005% sulphur): One hundred and eighteen point seven cents per litre (118.70 c/l) increase.
Illuminating Paraffin (wholesale): Sixty-four cents per litre (64.00 c/l) increase.
SMNRP for IP: Eighty-five cents per litre (85.00 c/l) increase.
Maximum LPGas Retail Price: Forty-one cents per kilogram (41.00 c/kg) increase
The Minister of Mineral Resources and Energy with the concurrence Minister of Finance, approved an increase from 0.1 c/l to 1.0 c/l in the IP Tracer Dye Levy that is applicable to Diesel with effect from the 6th of March 2024. This increase is temporary until the 5th of March 2025. The IP Tracer Dye levy will decrease to 0.5 c/l thereafter.
Transnet Pipelines (TPL) has decommissioned the Kroonstad pipeline on the 31st of December 2023. This has affected the 4 Magisterial District Zones (MDZ) which are 8C, 9C, 10C and 11C. In line with the Ministerial approval, the transport tariffs adjustments that are applicable to petrol and diesel price structures will range from a decrease of 5.7 c/l (8C) to an increase of 0.9 c/l (10C). As a result, the different transport tariff adjustments for the 4 MDZ will be implemented with effect from the 6th of March 2024.
The Rand depreciated slightly on average, against the US Dollar (from 18.77 to 19.20 Rand per USD) during the period under review when compared to the previous one. This led to higher contributions to the Basic Fuel Prices of petrol, diesel and illuminating paraffin by 17.71 c/l, 18.74 c/l and 18.53 c/l, respectively.
The average Brent Crude oil price increased from 82.03 US Dollars (USD) to 82.50 USD during the period under review.
