After three months of declining fuel prices brought relief to motorists, February is expected to bring major hikes across the board.
According to latest data from the Central Energy Fund, a weaker rand and higher international petroleum prices will push up diesel wholesale prices by up to 73 c/l and retail petrol prices by up to 75c/l when the department of mineral resources and energy makes the official monthly adjustments on Wednesday February 7.
The latest projected changes are in stark contrast to mid-month data, which indicated a possible increase of 9c/l-14c/l.
Following a peak in October, fuel prices have declined for the last three months due to lower international product prices and the rand strengthening against the dollar.
In January the retail price of 93-unleaded petrol decreased 62c/l and 95-unleaded 76c/l, while wholesale diesel prices saw even bigger drops of R1.26/l for 0.005% sulphur and R1.18/l for 0.05% sulphur.
At the time of writing, on February 2, the international price of Brent Crude oil rose to $78 after starting off the year at about $75 a barrel.
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.