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Fuel Prices Surge in February 2024: Petrol and Diesel See Significant Increases

The Department of Mineral Resources and Energy has officially released the fuel price adjustments for February 2024, indicating an increase in both petrol and diesel rates.

Effective from Wednesday, 7 February 2024, petrol prices will see a rise of 75 cents per litre, while diesel will experience an increase ranging from 70 to 73 cents per litre. The average international prices for Petrol, Diesel, and Illuminating Paraffin demonstrated an upward trend during the evaluation period.

During the same period, the Rand experienced depreciation against the US Dollar, with an average exchange rate of 18.7655 compared to 18.6608 in the previous period from 28 December 2023 to 1 February 2024. Consequently, this resulted in an elevated contribution to the Basic Fuel Prices of petrol, diesel, and illuminating paraffin by 6.86 c/l, 7.41 c/l, and 7.54 c/l, respectively.

As per the Self-Adjusting Slate Levy Mechanism, the Slate Levy on petrol and diesel will remain unchanged at 0.00 c/l starting from 7 February 2024.

For the period between 7 February 2024 and 5 March 2024, the Single Maximum National Retail Price is set at 2,052.0 c/l, in contrast to 1,981.0 c/l observed in the period from 03 January 2024 to 06 February 2024.

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