If your tank is hovering anywhere near or below the halfway mark, make a detour to the petrol station and fill up ahead of tonight’s (Tuesday) increases.

The Department of Petroleum and Mineral Resources has confirmed that fuel prices will increase from tomorrow, which means the new prices kick in at midnight tonight.

Hikes to expect

· Petrol 93: Increase of 20 cents per litre
· Petrol 95: Increase of 20 cents per litre
· Diesel 0.05% (wholesale): Increase of 62 cents per litre
· Diesel 0.005% (wholesale): Increase of 65 cents per litre

What will you actually pay?

· Petrol 93: R20.19 (inland) and R19.40 (coastal)
· Petrol 95: R20.30 (inland) and R19.47 (coastal)
· Diesel 0.05% (Wholesale): R18.53 (inland) and R17.70 (coastal)
· Diesel 0.005% (Wholesale): R18.60 (inland) and R17.84 (coastal)

Why the increase?

February was anything but calm on the global stage. Oil prices surged amid escalating geopolitical tensions in the Middle East, particularly following military action involving the US, Israel and Iran.

Brent crude shot up from below $60 a barrel to over $80 during the month, with much of that spike happening at the end of the month.

The stronger rand helped soften the blow, but it wasn’t enough to keep fuel price recoveries in positive territory.

More increases on the cards

Looking ahead to April, pressure is already building. Ongoing instability in the Middle East continues to drive oil price volatility, and fuel taxes are also expected to increase.

At last week’s Budget Speech, Finance Minister Enoch Godongwana announced adjustments to both the General Fuel Levy and the Road Accident Fund levy – with motorists facing around 21 cents more per litre.

SOURCES: www.iol.co.za | www.businesstech.co.za | www.topauto.co.za

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