The recent price hikes are largely due to a weaker rand, which dropped 40c against the dollar over the review period, from R17.53 to R17.93.
SA’s fuel prices depend heavily on the rand-dollar exchange rate and international oil prices, as oil is priced in dollars. Despite a slight drop in the average Brent Crude oil price—from $73.28 to $72.70 a barrel—the weaker rand still drove up local prices.
There were also a few other moving parts at play in the price changes. Global factors like OPEC’s production limits and reduced demand from China have also played a role, while higher winter fuel demand in the Northern Hemisphere (where it recently started snowing in Europe) have increased diesel and paraffin prices.
Here’s what to expect at the pumps:
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- Unleaded petrol increased by 17c/litre, bringing Gauteng’s price to R21.47 and the coastal price to R20.68.
- Diesel wholesale prices goes up by 55c to 56c/litre, setting the Gauteng price at R19.21 and the coastal price at R18.42.
- Illuminating paraffin will now cost 49c more per litre, and LP gas will increase by R1.72 per kilogram.