There have been talks of a massive fuel increase on the cards, but it seems like South African motorists may have to fork out much more, sooner than we think.
The latest data released by Central Energy Fund (CEF) has revealed that petrol and diesel prices could see significant increases as a result of Russia’s invasion of Ukraine. Russia is considered the world’s third-largest producer of crude oil.
If the current market conditions were to persist, these hikes would come into effect, pushing fuel prices to record highs, but these snapshots “are not predictive” and other variables will still need to be taken into account. This means that the outlook can still change BusinessTech reports.
Here are the predicted mid-month changes:
- 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.
Fuel prices are impacted by the rand/dollar exchange as South Africa’s rand weakened on Monday, Reuters explains, as well as the changes to international petroleum product costs, and both of these factors have been affected by the Russia-Ukraine war.
But the government and the Central Energy Fund are reportedly set to discuss ways to assist with managing fuel prices on Tuesday, 15 March as BusinessTech adds.
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