Big petrol and diesel price increases from tomorrow

The Department of Mineral Resources and Energy has confirmed increases in the prices of petrol, diesel, and illuminating paraffin in South Africa from Wednesday 3 March 2021.

The retail price of both grades of petrol will increase by 65 cents, while the wholesale prices of 500ppm and 50ppm diesel will go up 54 cents and 56 cents, respectively.

The wholesale price of illuminating paraffin will also increase by 47 cents.

The Department said the increases were due to a rise in the average international product prices for these fuels during the period under review.

The Rand’s strengthening on average against the US Dollar during the same time contributed to smaller increases, however.

“The average Rand/US Dollar exchange rate for the period 29 January 2021 to 25 February 2021 was 14.7631 compared to 15.0872 during the previous period,” the Department stated.

“This led to a lower contribution to the Basic Fuel Prices on petrol, diesel and illuminating paraffin by 14.34 c/l, 14.18 c/l and 13.72 c/l respectively,” the Department said.

The table below shows the current and new prices of the various fuels.

Fuel (Inland) February 2021 March 2021
95 Petrol R15.67 R16.32
93 Petrol R15.50 R16.15
0.05% Diesel (wholesale) R13.58 R14.12
0.005% Diesel (wholesale) R13.61 R14.17
Illuminating Paraffin R7.99 R8.46

Tax increases

Starting in April, South African motorists will be paying more on fuel levies regardless of whether overall fuel prices increase or decrease.

Finance minister Tito Mboweni during his 2020/2021 budget speech announced that the total fuel levy would be increased by 27 cents per litre.

This comprises 15 cents per litre for the general fuel levy (GFL), 11 cents per litre for the Road Accident Fund (RAF) levy and 1 cent per litre for the carbon fuel levy.

The GFL now accounts for R3.77 per litre of petrol and R3.63 per litre of diesel, whereas the RAF levy makes up R2.07 per litre for both fuel types.

Combined, these levies contribute R5.84 on every litre of petrol, and R5.70 on a litre of diesel.

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Big petrol and diesel price increases from tomorrow