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Monday, 04 March 2024 15:23

Prices of petrol and diesel to go up from Wednesday.

By Lehlohonolo Lehana.

The Department of Mineral Resources and Energy has published the latest official fuel price adjustments, which will kick in from Wednesday, 6 March 2024.

Unleaded petrol of both grades (93 and 95) will rise by R1.21 a litre, bringing the Gauteng price of 95 unleaded petrol to R24.45 a litre, while the coastal price will reach R23.73.

Diesel (0.05% sulphur) will increase by R1.05 a litre, while 0.005% sulphur will increase by R1.18 a litre. This leaves the Gauteng wholesale price at R22.41, with the coastal price rising to R21.69.

The wholesale price of illuminating paraffin will be hiked by 64c a litre, and the maximum retail price for LP gas is going up by 41c per kg.

South African fuel prices are largely determined by international oil costs and the rand exchange rate, as oil is priced in dollars.

The Rand depreciated 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 02 February 2024 to 29 February 2024 was 19.0186 compared to 18.7655 during the previous period.

This led to a higher contribution to the Basic Fuel Prices on petrol, diesel and illuminating paraffin by 17.71 c/l, 18.74 c/l and 18.53 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 06 March 2024