Petrol Prices in South Africa: Current Trends and Impact on Consumers

Get the latest scoop on petrol prices in South Africa. Find out why prices are going up, how it affects your wallet, and how to manage the high petrol price.

When it comes to everyday expenses, one primary concern for South Africans is the petrol price.

Whether you’re a commuter, a business owner, or a casual driver, the cost of petrol affects your budget and financial planning.

Here, we will explore the current trends of the petrol price in South Africa, the factors that influence its fluctuations, and the impact it has on consumers.

Petrol Prices in South Africa

Guess what? Petrol prices are going up again! The Department of Mineral Resources and Energy (DMRE) recently announced increased petrol and diesel prices.

Now you’ll have to pay 37 cents more for 95 Unleaded and 93 Unleaded petrol.

And hold on, diesel is also getting pricier, going up by 71 cents (50ppm) and 72 cents (500ppm) per litre. Ouch!

What is the Price of Petrol per Litre in South Africa in 2024?

The current retail prices are as follows:

• 95 Unleaded petrol (coast): R22.11 per litre
• 95 Unleaded petrol (inland): R22.83 per litre
• 93 Unleaded petrol (inland): R22.43 per litre
• 50ppm diesel (coast): R19.82 per litre
• 50ppm diesel (inland): R20.53 per litre

What are the Factors Influencing Petrol Prices in South Africa?

The increase in international oil prices during July 2023 has contributed to the petrol price hike.

Crude oil prices hovered around $85 per barrel, nearly $10 higher than the previous month’s average.

However, the impact was partially offset by a stronger Rand, which averaged R18.28 to the US dollar during the review period.

Without the currency’s influence, petrol prices would have gone up by around 63 cents per litre and diesel by 99 cents.

How Does Fuel Cost Impact the Cost of Doing Business in South Africa?

Fuel costs directly impact business operations in South Africa. Increasing fuel prices raise transportation expenses, leading to higher costs for goods transported by road.

Additionally, employees’ travel expenses rise, affecting their budget and potentially leading to higher overall business costs.

For motorists, the petrol price increase translates to higher expenses. For example:

• Putting 32 litres of petrol in a small hatchback will cost an extra R11.84.
• Refuelling a small SUV with 42 litres will cost R15.54 more.
• A midsize car with 50 litres will have an additional expense of R18.50.
• Larger SUVs with 70 litres will carry a R25.90 penalty.

Diesel-powered vehicles will also face increased costs:

• Putting 70 litres of 50ppm diesel in a bakkie will cost an extra R49.70.
• A smaller diesel-powered SUV with 45 litres will have an additional expense of R32.

How do You Manage Fuel Costs?

To mitigate the impact of petrol price hikes, consider these tips:

1. Fuel Efficiency: Maintain your vehicle to improve fuel efficiency and reduce consumption.

2. Carpooling: Share rides with friends or colleagues to split fuel costs.

3. Public Transport: Utilize public transport whenever feasible to save on fuel expenses.

4. Comparison Shopping: Compare petrol prices at different stations to find the best deals.

5. Eco-Driving: Adopt eco-driving techniques, such as smoother acceleration and maintaining steady speeds.

Who Controls the Petrol Price in South Africa?

The South African government regulates the petrol retail price, which is adjusted on the first Wednesday of each month.

The Central Energy Fund (CEF) calculates petroleum product prices (petrol, diesel, and illuminating paraffin) daily on behalf of the Department of Mineral Resources and Energy (DMRE).

That’s the scoop on the petrol price update in South Africa. Prices are going up, but you’ve got some tricks up your sleeve to handle it like a pro!

Stay informed, be fuel-savvy, and watch out for those petrol pumps. Safe driving!