The increase translates to filling up a 30 litre petrol tank will cost R24.60 more, while 40 litres will set you back R32.80 and 50 litres, R41.
South African consumers wallets took another blow this past week as fuel prices were increased by the Department of Mineral and Petroleum Resources.
Both grades of petrol, in February now costs 82 cents per litre more, while diesel increased by between R1.01 in the case of 50ppm and R1.05 for 500ppm.
This means that the price of 95 petrol is R21.62 at the coast and R22.45 in Gauteng, while 93 increased to R22.16.
The wholesale price of 50ppm diesel is R18.68 at the coast and R19.44 inland.
Retail prices, however, will be slightly higher than that.
The increase translates to filling up a 30 litre petrol tank will cost R24.60 more, while 40 litres will set you back R32.80 and 50 litres, R41.
A 70 litre diesel tank now costs R70.70 more than last month.
February’s increases follow petrol price hikes of between 12 cents and 19 cents in January, 17 cents in December and 25 cents in November.
Henry van der Merwe, the chairman of the South African Petroleum Retailers Association (Sapra), said that the impact is a "lose-lose situation" for fuel retailers and consumers alike.
“When the fuel price increases, motorists naturally adapt by driving less and planning trips more carefully, which significantly reduces sales volumes for service stations,. Even stations that buy on consignment don't benefit from these changes. It’s a tough environment where station owners often face shrinking margins," Van der Merwe said.
Van der Merwe noted that rising fuel prices can lead to a ripple effect across other sectors, pushing up the cost of goods and services due to increased transportation expenses.
"The long-term solution lies in continued engagement with industry stakeholders and government to find ways of mitigating the impact of these price adjustments on consumers and retailers alike," he further added.
The price increase for February were largely due to international oil prices that rose above the previous review period’s average of $72 (R1 356). Brent Crude averaged $77.41 during the most recent review period.
Industry leaders and economists have said that they expect oil prices to remain volatile due to the uncertainty created by Trump’s protectionist policies as well as US sanctions on Russian-produced fuel.
The weaker South African rand had also contributed to the increases and with the local currency under more pressure this past week following Donald Trump’s threats over the country’s land expropriation bill, a reduction in fuel prices for the next month seems unlikely.
While some relief was provided by the South African Reserve Bank (SARB) at the end of January, it will be short lived after the National Energy Regulator of South Africa (Nersa) approved Eskom’s a 12.7% increase in electricity tariffs for the 2025/2026 financial year.
The increases for electricity are due to start from February 2025.
Meanwhile, Neil Roets, the CEO of Debt Rescue, said the reality of the slow pace of the country’s rate reductions is perpetuating the debt trap that millions of ordinary South Africans find themselves in.
"The cost of living is increasing at a slower pace – however, this has no bearing on consumers right now, with the exorbitant prices for most foods and other livings costs continuing to put unbearable financial strain on households,” Roets told Business Report.
“Even though consumer spending increased somewhat in the fourth quarter of 2024, there is still a sense of hopelessness that pervades among millions of desperate consumers who are sliding deeper and deeper into debt to keep their families afloat. One of the major factors that traps many citizens in a relentless debt cycle is the rising cost of credit due to existing debt. My advice to those who cannot break free from their financial constraints is to seek help from a registered debt counsellor who can assist them to manage their financial predicament,” Roets further said.
BUSINESS REPORT