On Wednesday, South African motorists will have to pay an additional R1.20 per liter for petrol, while the price of diesel is set to rise by R1.18 per liter.
A media statement from the Automobile Association (AA) said unaudited figures from the Central Energy Fund (CEF) show that the price increases that come into effect on March 6 will be even more significant than February's values.
This will put further pressure on South African consumers who are struggling to make ends meet amid high interest rates and inflation that are further straining household budgets.
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In February, fuel prices increased by 75 cents per liter for gasoline and 70 to 73 cents per liter for diesel.
The March price increase will take inland prices to R24.44 per liter at 95 ULP and R24.10 per liter at 93 ULP.
The AA blames the rise on a weaker rand, as well as higher international product prices. “While the weakening rand is making a small contribution to the lack of recovery and price increases expected next month, the picture remains bleak and consumers will feel the pinch,” the AA said.
However, the National Treasury provided some relief in Budget 2024 by not increasing the General Fuel Tax and Road Accident Fund. These levies he has remained unchanged for the third consecutive year.
Read: #Budget2024 overview: No major tax increases
The fuel price increase will take effect from Wednesday, March 6, 2024.
