Starting Wednesday, 1st March 2023, both grades of petrol in South Africa will increase by R1.27 per litre, while diesel will go up by 32 cents per litre. This announcement was made by the Department of Mineral Resources and Energy.
The price hike is mainly due to the increase in the global crude oil price, which has risen significantly in recent months. The weakening of the Rand against the US dollar has also contributed to the increase in fuel prices.
This increase in fuel prices is likely to have a significant impact on consumers who rely on private transport or operate in industries that require significant fuel consumption, such as logistics and transportation. It may also lead to higher prices for goods and services as businesses pass on the increased costs to consumers.
The Department of Mineral Resources and Energy has stated that it will continue to monitor the situation closely and make adjustments if necessary. The South African government has also encouraged citizens to find ways to reduce their fuel consumption by using public transport, carpooling or using more fuel-efficient vehicles.
This fuel price hike is expected to have significant implications for the South African economy and society, and we will continue to monitor the situation and keep you updated on any further developments.
Source : South Africa Government