Here is the expected petrol price for April

Here is the expected petrol price for April

Mid-month data from the Central Energy Fund shows that South African motorists face further pain at the pumps in April, due to an expected massive hike in both petrol and diesel prices.

The data covers the period to 14 March 2022 and shows significant increases for both petrol and diesel vehicle owners, amid rising international petroleum prices as a result of Russia’s invasion of Ukraine.

Should current market conditions persist and these increases be realised, the hikes would see fuel prices once again pushed to record highs.

The mid-month changes are as follows:

• Petrol 95: increase of R2.27 per litre;
• Petrol 93: increase of R2.19 per litre;
• Diesel 0.05%: increase of R3.12 per litre;
• Diesel 0.005%: increase of R3.26 per litre;
• Illuminating Paraffin: increase R2.66 per litre.

The Department of Energy has stressed that the daily snapshots are not predictive and do not cover other potential changes like slate levy adjustments or retail margin changes, which is determined by the department at the end of the month, taking all variables into account.

The Department of Energy makes adjustments based on a review of the whole period. Furthermore, the outlook can change significantly before month-end.

The Central Energy Fund and the government are meeting on Tuesday (15 March) to discuss possible interventions to assist with managing fuel prices. Economists and analysts have suggested temporarily cutting fuel levies to provide some relief.

Fuel prices are affected by two main components – the rand/dollar exchange rate and changes to international petroleum product costs, primarily driven by oil prices.

Both components have been affected by the Russia-Ukraine war over the last few weeks, leading to significant increases in fuel costs across the world.

This is how the price changes are expected to reflect at the pumps:

SOURCE: