South Africa’s petrol price poised to hit ‘record high’ in April

Monthly adjustment and levies are to push petrol price up by R1 a litre on April 7

Motorists will be hit with a petrol price hike of up to R1/l on April 7, with the wholesale price of diesel to increase by up to 65c.

The Central Energy Fund (CEF), which adjusts fuel prices monthly, announced that the retail price of 95 octane petrol will increase by R1/l inland and 99c at the coast, with 93 octane to rise by 95c inland and 94c at the coast.

The fuel price for April of R17.32/l for 95 unleaded inland will be a new high, surpassing the previous record of R17.08 set in late 2018.

The wholesale price of high-sulphur diesel increases by 65c inland and 64c at the coast, with low-sulphur diesel to go up by 63c inland and 62c at the coast.

The increases include the respective 16 c/l and 11 c/l fuel and Road Accident Fund (RAF) levies on both petrol and diesel announced by finance minister Tito Mboweni in his Budget Review on February 25. With effect from April 7, the fuel Levy in the price structure of petrol and diesel will amount to 393 c/l and 379 c/l, respectively, and the RAF levy will amount to 207 c/l for both petrol and diesel.

On top of the levies, the latest fuel price hike was necessitated by the rand depreciating against the dollar during the period under review, the CEF said.

The Automobile Association (AA) commented: “The minor relief of the pullback in petroleum and the exchange rate will be cold comfort to South Africans reeling from the ongoing economic damage being inflicted as a result of Covid-19, and a decade of economic decline.” (Business Day SA)