4 March 2024
The diesel price will increase by between R1,06 and R1,19/litre on Wednesday, and the price of all grades of petrol by R1,21/litre.
The Department of Mineral Resources and Energy announced this morning that the price of diesel with 0,05% sulphur will increase by R1,06/litre and that of diesel with 0,005% sulphur by R1,19/litre.
The dye levy on diesel will increase from Wednesday from 0,1c/litre to 1c/litre. This temporary increase is valid until 5 March 2025, after which the levy will decrease to 0,5c/litre.
The department says the main reasons for the price increases are that the average Brent crude oil price rose from $82,03 to $82,50 a barrel during the review period.
This is attributed to continued production cuts by the Organisation of Petroleum Exporting Countries and extremely cold weather affecting production in North America. Continued tension in the Red Sea also played a role as it contributed to the geopolitical risk premium on shipping costs.
The increase in the average international price of petrol, diesel and paraffin corresponds with the higher oil prices.
South African prices are also affected by the rand’s depreciation against the US dollar during the review period – from R18,77 to R19,20 per dollar.
The wholesale price of paraffin increases by 64c/litre and the retail price of gas by 41c/kg. The latter is attributed to higher freight costs and the weaker rand.
