By Lehlohonolo Lehana.
The Department of Mineral Resources and Energy (DRME) has published the official fuel price adjustments for February 2024, showing a jump for both petrol and diesel.
Price adjustments will come into effect on Wednesday, 7 February 2024.
Unleaded petrol of both grades (93 and 95) will rise by 75c a litre, bringing the Gauteng price of 95 unleaded petrol to R23.24 a litre, while the coastal price will reach R22.52.
The wholesale price of diesel will increase by between 70c and 73c on Wednesday, leaving the Gauteng diesel price at R21.36 a litre, with the coastal price rising to R20.64.
The wholesale price of illuminating paraffin will be hiked by 53c a litre and the maximum retail price for LP gas is going up by 37c per kg.
A spokesperson for the department, Robert Maake, said higher oil prices and lower production in the United States are mostly to blame.
“The rand weakened against the dollar during the same period. In line with the provision of the self-adjusting slate levy mechanism rules, the slate levy on petrol and diesel will remain at 0c per litre with effect from the 7th February 2024”.
The average Rand/US Dollar exchange rate for the period 28 December 2023 to 1 February 2024 was 18.7655 compared to 18.6608 during the previous period.
This led to a higher contribution to the Basic Fuel Prices of petrol, diesel and illuminating paraffin by 6.86 c/l, 7.41 c/l and 7.54 c/l, respectively.
In line with the provisions of the Self-Adjusting Slate Levy Mechanism, the Slate Levy on petrol and diesel will remain at 0.00 c/l with effect from 7 February 2024.
The Single Maximum National Retail Price for the period 7 February 2024 to 5 March 2024 will be 2 052.0 c/l compared to 1 981.0 c/l for the period 03 January 2024 to 06 February 2024.