The Minister of Mineral Resources and Energy, Mr Gwede Mantashe, announces the adjustment of fuel prices based on current local and international factors with effect from the 1st of March 2023.
South Africa’s fuel prices are adjusted on a monthly basis, informed by international and local factors. International factors include the fact that South Africa imports both crude oil and finished products at a price set at the international level, including importation costs, e.g. shipping costs.
The main reasons for the fuel price adjustments are due to:
1. Crude oil prices
The average Brent Crude oil price decreased slightly from 83.00 US Dollars (USD) per barrel to 82.14 USD per barrel during the period under review. The main contributing factors is the weekly report that showed that crude oil inventories continued to rise for the ninth month in a row.
2.1 The movement in international refined petroleum product prices, diesel and illuminating paraffin decreased whilst petrol increased during the period under review due to the following factors:
2.2 These factors led to higher contributions to the Basic Fuel Prices of petrol by 73.89 c/l and lower contributions to the BFP of diesel and illuminating paraffin by 26.48 c/l and 40.90 c/l, respectively.
The Rand depreciated, on average, against the US Dollar (USD) (from 17.05 to 17.74 Rand per USD) during the period under review when compared to the previous one. This led to higher contributions to the Basic Fuel Prices of petrol, diesel and illuminating paraffin by 48.26 c/l, 52.53 c/l and 53.56 c/l respectively.
The negative slate balance on petrol and diesel amounted to R2,7 billion at the end of January 2023. A slate levy increase of 4,38 c/l (from 17.54 c/l to 21,92c/l) will be implemented into the price structures of petrol and diesel, in line with the Self-Adjusting Slate Levy Mechanism rules effective from the 1st of March 2023.
Based on current local and international factors, the fuel prices for March 2023 will be adjusted as follows:
The fuel prices schedule for the different zones will be published on Tuesday, the 28th of February 2023.
Enquiries: mediadesk@dmre.gov.za Mr Natie Shabangu – natie.shabangu@dmre.gov.za / 073 852 1922 Mr Johannes Mokobane - johannes.mokobane@dmre.gov.za / 082 766 3674 Ms Lerato Ntsoko - lerato.ntsoko@dmre.gov.za / 0824592788 Mr Ernest Mulibana – ernest.mulibana@dmre.gov.za / 082 263 7372
Detailed March 2023 Fuel Prices
Basic Fuel Prices Breakdown of Prices Diesel Diesel Margins Fuel Price History Iluminating Paraffin LPG Regulations Fuel Regulations Petrol Margins Petrol Regulations Regulations in Respect of The Single Maximum National Retail Price tor Illuminating Paraffin