Fill up now, big fuel price hikes to hit at midnight

South African motorists will be hit with major fuel price hikes on Wednesday.

It is the fourth consecutive month of fuel price increases and is attributed to the rising international oil price and the rand’s weakness against the dollar.

The retail price of all grades of petrol increases by 82c/l while the wholesale price of diesel goes up R1.05c/l for 0.05% sulphur and R1.01c/l for 0.005% sulphur.

The price of illuminating paraffin rises 97c/l.

Mineral and petroleum resources minister Gwede Mantashe said the average Brent Crude oil price increased from $72.78 (R1,364.70) to $77.41 (R1,451.52) during the period under review. The main contributing factors were increased demand due to cold weather in the northern hemisphere and an expected increase in demand for oil from China after economic stimulation policies. Supply was affected by the Opec+ decision to delay production increases until April 2025 and new sanctions against Russia and Iran which could further constrain supply and result in higher freight rates.

During the same period the rand depreciated from 18.11 to 18.73 against the US dollar.

From midnight, these prices apply:

Inland:

• Petrol 95 unleaded: R22.41
• Petrol 93 unleaded: R22.16
• Diesel 0.05%: R20.34
• Diesel 0.005%: R20.45

Coast:

• Petrol 95 unleaded: R21.62
• Petrol 93 unleaded: R21.37
• Diesel 0.05%: R19.55
• Diesel 0.005%: R19.69