Mid-month estimates for the March petrol price paint a grim picture for the motorists of Mzansi. Fuel costs are set to rise for the third consecutive month of 2021, as the value of oil continues its rapid recovery following the initial coronavirus shock.
According to the Central Energy Fund, the petrol price is likely to rise by 55 cents per litre next month – taking the per-litre price in some regions past the R16 mark. Meanwhile, diesel costs are also set to balloon, increasing by 45 cents. Illuminating paraffin is also set to undergo a substantial increase of 40 cents per litre.
According to the AA, a sturdy Rand performance against the US Dollar is no match for the strength of the oil price recovery. International markets continue to surge, and with South Africa being heavily reliant on imports, our fuel consumers are at the mercy of global trends. In fact, this momentum is likely to continue into April, too…
“There has been a slow, but steady, rise in the price of oil which is likely to cause ongoing pain at the pumps. Almost all of the fuel price increases reflected by this month’s data are attributable to the stronger oil price, and the average Rand/US dollar exchange rate has remained generally flat for the month, despite some large daily swings,” said the AA.
Taking these forecasts and first estimates into account, here’s what you can expect to pay, on average, for fuel on a price per litre basis – from the first week of March 2021 onwards. However, we have to stress that these mid-month estimates are liable to change by the time the Department of Energy set next month’s costs in stone.