The official fuel price adjustments for February 2022 has been published by the Department of Mineral Resources and Energy. And it seems that the predictions of a “painful” hike in prices were true.
According to the department’s statement, all petrol prices will increase by 53 cents a litre, with diesel increasing by 80 cents a litre in the case of 500ppm and 79 cents a litre for lower-sulphur 50ppm.
Illuminating paraffin is hit the hardest as its price hikes up with R1.01.
With these new increases, the price of 95 Unleaded petrol will now reach R19.42 per litre on the coast and R20.14 per litre in inland regions. And the price for 93 Unleaded will now cost R19.89 per litre.
|Fuel (Inland)||January official||February official|
|0.05% diesel (wholesale)||R17.24||R18.04|
|0.005% diesel (wholesale)||R17.28||R18.07|
What affects the fuel prices in South Africa?
Local fuel prices are determined by international oil prices and the dollar-rand value. And during January, Brent crude oil grew more expensive which pushed local fuel prices higher.
And oil prices increased due to a stronger global demand
“Concerns regarding the tension between Russia and Ukraine have also affected crude oil prices negatively as the area is a crucial oil and gas infrastructure hub,” Minister of Mineral Resources and Energy Gwede Mantashe said in a statement.
SA’s fuel prices are also worsened by hefty fuel taxes, which adds R6.11 to every litre of fuel sold in the country. An “urgent investigation” and recalculation of the current fuel pricing model has been requested by the AA, as they label the current petrol price disaster as “entirely home grown”.
“While the decrease in fuel prices for January was naturally welcomed, we remain convinced that a review of the fuel price in South Africa is necessary. The increases for February are significant and push our country’s fuel prices near record territory again and will, undoubtedly, have a knock-on impact on other consumer products and services,” the AA added.