Prices for petrol, diesel and other fuels in South Africa will increase by up to 121 cents per litre in March, the Department of Energy confirmed in a newsroom statement on Monday (4 March).
The new prices will take effect on Wednesday, 6 March. Since last month, the average Brent Crude oil price has risen from $82.03 to $82.50 on continuing OPEC+ oil production cuts. The cold weather in North America has also affected production, while tension in the Red Sea has increased shipping costs.
The rand’s slight depreciation against the US dollar (from 18.77 to 19.20 Rand per USD) has also contributed to the price hikes. The government has also increased the IP Tracer Dye Levy on diesel from 0.1 c/l to 1.0 c/l this month. This increase will be in place until 5 March 2025, after which the levy will drop to 0.5 c/l.
Transport tariffs adjustments will affect petrol and diesel price structures in the four Magisterial District Zones (MDZ), which include 8C, 9C, 10C and 11C, as from 6 March 2024. This follows the decommissioning of the Kroonstad pipeline by Transnet Pipelines in December 2023. These adjustments will range from a decrease of 5.7 c/l (8C) to an increase of 0.9 c/l (10C).
The slate levy on petrol and diesel will be zero c/l this month. This is because of the positive balance of R239 million in the cumulative slate balance at the end of January 2024, the Department said.
Petrol price in March 2024
Given these factors, the petrol price will increase by R1.21 per litre while diesel will go up by R1.057 per litre (0.05% sulphur) and R1.187 per litre (0.005% sulphur) in March.
The table below summarises the fuel price hikes this month:
Fuel | Price increase |
---|---|
Petrol (93 ULP & LRP) | 121 cents per litre |
Petrol (95 ULP & LRP) | 121 cents per litre |
Diesel (0.05% sulphur) | 105.70 cents per litre |
Diesel (0.005% sulphur) | 118.70 cents per litre |
Illuminating Paraffin (wholesale) | 64 cents per litre |
SMNRP for IP | 85 cents per litre |
Maximum LPGas Retail Price | 41 cents per kg |
Motorists and consumers can expect to pay the following prices at inland and costal pumps in March 2024 (diesel prices are wholesale, which means they will differ at the pumps):
Fuel | Inland price | Coastal price |
---|---|---|
93 Petrol | R24.13 | R23.41 |
95 Petrol | R24.45 | R23.73 |
Diesel 0.05% (wholesale) | R22.42 | R21.70 |
Diesel 0.005% (wholesale) | R22.62 | R21.93 |
Illuminating Paraffin | R16.48 | R15.55 |
LPGAS (per kg) | R38.31 | R35.35 |