Petrol And Diesel Price Soar In March 2024

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A steep increase in the prices of petrol and diesel will cause motorists pain at the pumps on Wednesday. The energy department confirmed substantial increases in the price of fuel and provided explanations for the increases.
 


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The Department of Mineral Resources and Energy (DMRE) has confirmed that as of today, all grades of fuel will experience an increase of at least R1. These increments recorded the price of petrol and diesel while the prices of other types of fuel received notable increases. 

Fuel Price Increases For March 2024

  • Petrol 93 increased by R1.21 cents per litre
  • Petrol 95 increased by R1.21 cents per litre
  • Diesel 0.05% increased by R1.05 cents per litre
  • Diesel 0.005% increased byR1.18 cents per litre
  • Illuminating Paraffin increased by 85 cents per litre
  • LPGAS increased by 41 cents per kg

These increases mean that a litre of 95 unleaded petrol will cost R 23.73 in coastal provinces and R 24.13 in inland provinces. 

The price of a litre of diesel 500PPM will cost R 22.42 in inland provinces and R21.70 in coastal provinces. 

How Much It Will Cost To Fill Up Popular Cars 

Suzuki Swift 

A Suzuki Swift has a fuel tank capacity of 37 litres. The cost to fill up a tank from empty would see consumers fork out R904.65c in inland provinces and R878.01c in coastal provinces

VW Polo Vivo 

A Volkswagen Polo fuel tank capacity is 45 litres. The cost to fill up a tank from empty would see consumers fork out R1100.25c in inland provinces and R1067.85c in coastal provinces

Toyota Hilux

A Toyota Hilux with a fuel tank capacity of 80 litres. The cost to fill up a tank from empty when purchasing diesel 500PPM would see consumers fork out R1793.6 in inland provinces and R 1.736 in coastal provinces

Factors That Influence The Fuel Price 

The DMRE attributed these increases to several factors. The average Brent Crude oil price, rose from 82.03 US Dollars (USD) to 82.50 USD during the review period.

In addition to this, the average international product prices of petrol, diesel, and illuminating paraffin surged in tandem with higher crude oil prices.

The Rand experienced a slight depreciation against the US Dollar, averaging from 18.77 to 19.20 Rand per USD during the review period. This depreciation contributed to elevated Basic Fuel Prices of petrol, diesel, and illuminating paraffin.

Notably, the DMRE Minister Gwede Mantashe, in conjunction with Minister of Finance, Enoch Godongwana, sanctioned an increase from 0.1 c/l to 1.0 c/l in the IP Tracer Dye Levy applicable to Diesel, effective from 6 March 2024. 

This increment is temporary until 5 March 2025.

The DMRE emphasised that South Africa's fuel prices undergo monthly adjustments influenced by both international and local factors. Importantly, South Africa's fuel prices are pegged to the international market as the country imports both crude oil and finished products at international price levels, including associated importation costs.

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