Source: BUSINESSTECH, 26 February 2022, photo credit: 123RF/ssuaphoto
The Department of Mineral Resources and Energy has published the latest fuel price adjustments for March 2022, showing a sharp hike in prices for both petrol and diesel in South Africa.
The changes for March are as follows:
- Petrol 95: increase of R1.46 per litre;
- Petrol 93: increase of R1.46 per litre;
- Diesel 0.05%: increase of R1.44 per litre;
- Diesel 0.005%: increase of R1.48 per litre;
- Illuminating Paraffin: increase R1.21 per litre.
The average international product prices for petrol, diesel and illuminating paraffin increased during the period under review.
The Rand appreciated against the US Dollar during the period under review, on average, when compared to the previous period. The average Rand/US Dollar exchange rate for the period 28 January to 24 February 2022 was 15.2343 compared to 15.5081 during the previous period.
This led to a lower contribution to the Basic Fuel Prices on petrol, diesel and illuminating paraffin by 19.59 c/l, 19.66 c/l and 19.44 c/l respectively.
Adding to the increases, the slate levy was also increased by a further 15 cents per litre, hiking prices even more.
The combined cumulative petrol and diesel Slate balances at the end of January 2022 amounted to a negative balance of R 5.102 billion, the department said. In line with the provisions of the Self-Adjusting Slate Levy Mechanism, a Slate Levy of 46.06 c/l (an increase of 15.36 c/l) will have to be implemented into the price structures of petrol and diesel with effect from 2 March 2022
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