Fuel prices have risen dramatically over the past year to set new records, with further hikes expected as Russia’s invasion of Ukraine pushes up the price of crude oil.
After fuel prices hit record highs in March, with petrol costing more than R21 a litre for the first time, the Automobile Association (AA) projected fuel prices of around R24/l for petrol and R23.60 for diesel next month. Based on current data, 95 octane petrol is set to increase by R2.15/l, 93 octane by R2.07/l, and diesel by between R2.94/l and R3.08/l.
If realised, these would be the biggest increases to fuel prices in SA’s history and will have major ramifications for consumers and the economy.
It costs R1,080 to fill a 50l tank with 95 unleaded petrol in Gauteng, compared to R816 a year ago when petrol cost R16.32. If you fill up once a week this equates to R1,056 extra for fuel every month.