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Motorists prepare for a hefty petrol price hike on Wednesday

by , 02 March 2015

Recently, motorists have looked forward to the first Wednesday of the month when the new fuel price comes into effect. For months, it's been trending downwards.

But change is afoot this week.

On Wednesday, motorists will have to cough up significantly more for a litre of petrol or diesel.

And motorists have further hikes to prepare themselves for in the months ahead.

So how much more is a litre of fuel going to cost?

Read on to find out…


The petrol price is rising 96c a litre


On Friday, the Department of Energy and Mineral Resources announced that the petrol price is rising on Wednesday, reports Fin24. A litre of petrol “will rise by 96c a litre”. Motorists of diesel vehicles will have to pay an additional 74c a litre.

The department said the rise in the price of fuel is due to the “average increase in the price of crude oil,” says IOL. Over the “period under review,” the oil price is up around 20%.

And it’s not just the international oil price to blame. The rand has also weakened against the dollar over the month, adds IOL.

The rise is worse than anticipated earlier in February.

On 17 February, the AA forecast a rise of 68c for a litre of petrol and an increase of 45c a litre for diesel.

And it looks like the fuel price is going to continue to rise in April too.


The budget introduced hikes to fuel levies


Last Wednesday, the finance minister Nhlanhla Nene announced at his first annual budget steep rises to fuel levies. He added 30.5c a litre to the fuel levy and 50c a litre for the Road Accident Fund levy.

This additional 80c in levies is due to come into effect on 1 April.

So the respite in fuel prices looks to be coming to an end for South African motorists starting this week.

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Motorists prepare for a hefty petrol price hike on Wednesday
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