As February 2023 draws to a close, unaudited fuel price data is pointing to significant fuel price increases for March 2023. 

As if Stage 6 load shedding isn’t enough, South Africans are in for yet another substantial fuel price increase in March 2023. 

Unaudited data from the Central Energy Fund (CEF) indicates that the price of 93ULP and 95 ULP petrol is expected to rise by between R1.22/litre and R1.27/l respectively while diesel prices are expected to increase by roughly 28 c/l and the price of illuminating paraffin is expected to increase by 16c/l. . 

The AA commented, “In the case of petrol, the movement in international oil prices is contributing between 76 and 82 cents to the increases while the weaker average Rand to US Dollar exchange is adding about 46 cents to expected increases. In terms of the diesel price, the sole contributor to the expected increases is the weaker exchange rate,” notes the AA.

“The increases to the price of petrol are big and will have a negative impact on household budgets. A 50/l tank of fuel, for instance, will now cost R61 more to fill, or R244 if filled four times during the month, which is significant. The cumulative effect on personal finances will be a further reduction of disposable incomes which will be exacerbated by increases to goods and services which must recoup the higher fuel input costs.

“We again urge consumers to monitor their fuel usage carefully, and to budget according to the new fuel prices which come into effect next Wednesday. Ensuring vehicles are well maintained and in good mechanical condition, carefully planning routes, and avoiding heavy traffic, if possible, are some ways in which motorists can ensure better fuel consumption,” the AA concludes.

Fuel Price Forecast for March 2023 in South Africa

Fuel price data courtesy of the department of mineral resources and energy

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