Motorists to brace for fuel price hike

For the second consecutive month, motorists should prepare for a fuel price hike, set to take effect tomorrow (Wednesday), 5 February.

Here’s what to expect:

• 95 Unleaded petrol will increase by around 83 cents per litre, to R21.63 (coastal)
• 93 Unleaded petrol will increase by around 90 cents per litre, to R22.24
• Wholesale diesel (50ppm) is likely to increase by R1.01 per litre, to R18.68 (coastal), with retail prices set to be slightly higher

These hikes follow three consecutive months of lower fuel price increases since November – after five months of consecutive reductions – and can mostly be contributed to the rising international oil prices during this period.

The decreased price of Brent crude oil towards the end of January came too late to have any significant positive impact on this month’s fuel price changes.

Owing to new policies put in place by US President Donald Trump, as well as US sanctions on Russian-produced oil, oil prices are expected to remain volatile.

Following Trump’s recent threats over South Africa’s Land Expropriation Bill, the already-struggling rand is even more unstable, meaning it is not likely that fuel prices will improve in the coming months.

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