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Record petrol price hike on its way

Wednesday, March 18th, 2015

The price of petrol will, in April, increase by the highest nominal amount in history for the second consecutive month, the Solidarity Research Institute (SRI) said today. The price of 95-octane petrol will likely rise by around R1,55 per litre on 1 April, while the price of 93-octane petrol will rise by about 5c less. In addition, the wholesale price of diesel will probably rise by about R1,15 per litre.

According to Paul Joubert, senior economic researcher at the SRI, this will happen if the past few days’ somewhat lower rand oil price is sustained until next Thursday. Should this trend reverse, the increases will be steeper.

“A part of these increases stem from the 80,5c higher government levies on fuel announced by the Minister of Finance in his budget speech. The remainder of the increases will be due to higher oil prices in March, as well as the weakening of the rand against the US dollar,” Joubert says.

Joubert contends that it is still too early to precisely predict what will happen to local fuel prices. “Even if, during the rest of March, oil prices fall to the extremely low levels of around $46 per barrel which were seen in mid-January, the petrol price will still rise by about R1,40 per litre,” Joubert says.

The Department of Energy will make the final announcement regarding fuel price changes on 27 March.

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