Economy, Roads & Traffic, South Africa

Rising fuel prices forecast for March, according to the AA

Unaudited data from the Central Energy Fund (CEF) has raised concerns as the Automobile Association (AA) has reported yet another notable surge in petrol, diesel, and illuminating paraffin prices for March 2024.

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The impending increase, as per the AA’s review of the data, is expected to exacerbate financial challenges for South Africans grappling with the ongoing economic pressures.

The AA outlined the anticipated adjustments based on the latest CEF figures, revealing a predicted rise of R1.20/litre for 95ULP and R1.15/litre for 93ULP. Diesel is poised for an increase of approximately R1.18/litre, while illuminating paraffin is set to surge by 63 cents per litre. If these projections materialise, inland prices for 95ULP and 93ULP are predicted to reach R24.44/litre and R24.10/litre, respectively.

“The main driver behind the increases is higher international product prices in addition to the higher average Rand/US Dollar exchange rate. While the weaker Rand is contributing a small margin to the under-recovery expected next month, the overall picture still looks bleak and consumers will feel the pinch,” said the AA.

However, there is a silver lining for consumers, as the General Fuel Levy (GFL) and the Road Accident Fund levy (RAF) are set to remain unchanged for the third consecutive year. Traditionally subject to increases in February and implemented in April, the Minister of Finance, responding to the AA’s calls, announced during the February Budget Speech that these levies would remain steady in 2024.

“These levies are traditionally increased in February and implemented in April, but the Minister of Finance heeded calls by the AA and in his February Budget Speech indicated that this will not happen again this year. Although not a saving as such, any increases would have added additional pressure to fuel prices, and we again welcome his decision not to increase these rates for 2024,” concluded the AA.

The official adjustment of fuel prices is scheduled to take effect on 6 March 2024, marking the first Wednesday of March. As South Africans brace themselves for the impact, we invite readers to share their thoughts and perspectives on this matter in the comment section below.

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