Early projections show slight increases in fuel prices for March

Cape Town — Motorists can expect more increases in fuel prices across all grades in March as current projections show more under-recoveries.

If the current price projections are true, it would mark the third consecutive price increase for both petrol and diesel and a far cry from the continuous decreases seen at the end of 2024.

In February, both petrol grades increased by 82 cents per litre, while diesel increased by more than R1 per litre. The latest data from the Central Energy Fund shows that 95 unleaded will increase by 13 cents per litre, while 93 unleaded is expected to increase by 26 cents per litre.

Diesel (0.05%) will increase by 8 cents per litre and Diesel (0.005%) will increase by 0 cents per litre. Illuminating Paraffin is expected to increase by 20 cents a litre.

This is still an early projection and will likely change as the month goes on. As of 14 February 2025, the rand/dollar exchange rate stood at R18.36/$.

ALSO READ | Transport dept. confirms sufficient fuel at OR Tambo for February

According to The Citizen, Finance Minister Enoch Godongwa is expected to announce the 2025 Budget Speech. In his Medium-Term Budget Policy Statement (MTBPS), Godongwana said the country’s main budget deficit increased by R54.7 billion compared to 2023 Budget estimates.

Godongwana’s impending announcement has raised concerns that there could be an increase in fuel taxes as the government receives an estimated R95 billion from the General Fuel Levy, used to fund public services.

The General Fuel Levy currently stands at R3.95, which is 18% of the retail price. The Road Accident Fund’s (RAF) R2.18 roughly translates to 10% of the current price.

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Compiled by Matthew Petersen

Article written by Matthew Petersen

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