South Africa raises petrol price thrice in 90 days while Nigeria prevaricates

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Motorists in South Africa will be hit with a 65c/l petrol price hike at midnight on Tuesday, with the wholesale price of diesel rising 54c/l for high-sulphur grade diesel and 56c for low-sulphur diesel.

It’s the third consecutive month of fuel hikes due to rising international oil prices, which offset the benefits of the rand firming against the dollar.

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From Wednesday March 3, a litre of unleaded petrol inland will cost R16.32 or $1.09 USD.

The country’s Automobile Association said if international price of oil continued on its trajectory, South Africa’s fuel prices might edge back to record territory in the medium term.

The price of unleaded grade of petrol peaked at $1.14 USD in October 2018.

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“The international oil price seems unstoppable. We are in an eight-week streak of price climbs with no sign yet of a ceiling,” the association said.
It explained that increased economic activity made possible by the global rollout of the Covid-19 vaccine was leading to firming demand and higher prices.

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In April, motorists in South Africa are to be hit with a fresh fuel levy increase of 27c/l, which finance minister Tito Mboweni announced in his 2021 budget speech on February 24.

This will comprise 15c/l for the general fuel levy, 11c/l for the Road Accident Fund levy and 1c/l for the carbon fuel levy.

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