Big Petrol And Diesel Price Increases On The Cards For February As Oil Prices Surge

Februarys fuel price hikes are likely to be bigger than expected thanks to recent developments on the oil price and local currency front.

Mid-month data released by the Central Energy Fund CEF shows significant under-recoveries for both petrol and diesel, and these are growing by the day as the price of Brent Crude oil nears four-month highs.

The CEFs latest daily snapshot, from January 13, points towards increases of 75 cents per litre for 95 Unleaded petrol and 81 cents for 93 Unleaded, while diesel is looking set to go up by between 87 cents 50ppm and 89 cents 500ppm.

But with the price deficits growing by the day, the eventual increases could easily surpass R1 per litre if current trends persist.

95 Unleaded currently costs R20.80 at the coast and R21.59 inland, where 93 ULP is pegged at R21.34. An increase in the region of R1 will erode much of the progress seen in the second half of 2024. The coastal price of 95 ULP peaked at R24.70 in May last year, while its lowest point was R20.26 in October .