The increase for unleaded gasoline (both 93 and 95 octane) was up 28 rand cents per liter (US$0.015).
In this way, the liter of this fuel reaches 21.68 rand ($1.24, up from 20.14 / $1.15) a year ago.
On the other hand, the value of a liter of diesel reached R21.32 ($1.22), up from R18.04 ($1.03) in February 2022.
The high of diesel in the last 12 months was R25.50 ($1.46) in November 2022.
Fuel prices in South Africa are typically adjusted on the first Wednesday of each month and are determined by international fuel values and the Rand to Dollar exchange rate.
The world average price of oil, after falling below $78 a barrel in the first week of January, is now $86.16, the Ministry of Natural Resources and Energy has reminded.
According to the source, this will be impacted by China’s increased demand for hydrocarbons as its economy reopens.
“Any hike in fuel prices now, at a time when South Africans are grappling with financial pressures and ongoing power cuts, among other things, is unwelcome,” commented the South African Automobile Association.
Regarding potential increases in fuel taxes, this group said that consumers simply cannot afford any more price shocks and, with electricity tariffs looming up by 18.65 percent, a tax increase would deal a serious blow to the personal finances of millions of people.
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