Cape Town — As January progresses, signs are emerging of a significant increase in fuel prices across all grades for February, driven by surging international oil prices and a weakening local currency.
According to mid-month data from the Central Energy Fund (CEF), there are substantial under-recoveries for both petrol and diesel, with this shortfall growing by the day, as reported by IOL.
The CEF’s data shows that the price of 95 unleaded petrol is expected to rise by 75 cents per litre, while 93 unleaded petrol could see an increase of 81 cents per litre. For diesel, Diesel 0.005% is expected to go up by 87 cents, and Diesel 0.05% could rise by 89 cents per litre.
The price of Brent Crude oil has risen by nearly 10% since the start of 2025, surpassing the $80 per barrel mark on Tuesday morning, up from the December average of $72.78 per barrel. This surge is being driven in part by US sanctions on Russian crude oil.
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The current under-recovery, which will contribute to next month’s price hike, is largely a result of the combination of a weak rand and rising international oil prices.
The rand’s weakness against the dollar has also played a significant role, as the rand surpassed the R19 mark against the dollar last week.
According to TimesLIVE, the anticipated increase in the region of R1 per litre will erode much of the progress seen in the second half of 2024.
Fuel prices are adjusted on the first Wednesday of every month. Following the January price increases, there are the current fuel prices:
INLAND:
- Petrol 95 unleaded: R21.59
- Petrol 93 unleaded: R21.34
- Diesel 0.05%: R19.29
- Diesel 0.005%: R19.44
COAST:
- Petrol 95 unleaded: R20.80
- Petrol 93 unleaded: R20.55
- Diesel 0.05%: R18.50
- Diesel 0.005%: R18.68
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Compiled by Matthew Petersen
