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Domestic fuel prices at a record high in March 2022

This past week, the Central Energy Fund's reported that South Africa's petrol (95 ULP inland) and diesel (0.05% wholesale inland) prices would increase by R1,46 cents per litre (c/l) and R1,44 (c/l), respectively, on 02 March 2022. This adjustment means the retail price of petrol will rise to a record R21,60 per litre from the current level of R20,14 per litre. Simultaneously, the wholesale diesel price will increase to R19,48 per litre from R18,04 in February 2022 (see Exhibit 3). The underpinning driver of the fuel price increase is the rising Brent crude oil price on the back of the current geopolitics and supply constraints that existed before the intensification of the Russia-Ukraine conflict, amongst other factors.

Published: 28 February 2022