Petrol price indicators from the Department of Energy indicate another blow for motorists when they head to the pumps on Wednesday, 1 February 2023.
Petrol price: Here’s how much a litre may cost from Wednesday, 1 February 2023
In a statement, the department revealed this period’s increases were, for the most part, impacted by increasing costs of Brent crude oil in international markets.
The South African rand has also taken a massive hit since January’s petrol price adjustments, owing to recent developments around the country’s political sphere, as well as rampant loadshedding, which, on Tuesday, was escalated to Stage 6.
“The movement in international refined petroleum product prices, diesel, petrol and illuminating paraffin in particular followed the increasing trend in crude oil prices, while the prices of LP Gas decreased due to lower propane and butane prices during the period under review.
“These factors led to higher contributions to the Basic Fuel Prices of petrol, diesel and illuminating paraffin by 92.74 c/l, 71.40 c/l and 78.21 c/l, respectively. The LPGas prices are decreasing due to the lower prices of Propane and Butane during the period under review,” the Department of Energy said.
Despite recent difficulties, the rand appreciated slightly, on average, against the US Dollar – from R17.28 to R17.00 per USD – during the period under review when compared to the previous one.
Here is a look at the estimated petrol price increases expected on Wednesday, 1 February 2023.
PLEASE NOTE: The petrol price adjustments listed below are directly quoted from the Department of Energy’s monthly press release. Despite our best efforts to ensure accurate reporting, it is still the sole responsibility of the reader to double-check petrol prices.Swisher Post, its parent company, partners and affiliates shall not be held liable for any consequence that arises from the journalistic duties performed in sharing this content.
Inland
TYPE | PRICE (p/l) | CHANGE |
Petrol 95 | R21,68 | +R0,28 |
Petrol 93 | R21,38 | +R0,28 |
Diesel 0.05% | R21,32 | +R0,09 |
Diesel 0.005% | R22,26 | +R0,84 |
Coastal
TYPE | PRICE (p/l) | CHANGE |
Petrol 95 | R21,03 | +R0.28 |
Petrol 93 | R20,73 | +R0.28 |
Diesel 0.05% | R20,67 | +R0,09 |
Diesel 0.005% | R21,62 | +R0,84 |
What goes into the final retail price of fuel in South Africa?
Determining the final retail price of petrol in South Africa relies heavily on the rand’s performance in currency markets and oil price movements. Using this information, the CEF can formulate basic fuel price (BFP) estimates which, in essence, offer South African importers a snapshot into the cost of buying petrol from an international refinery, transporting the product and ensuring it against possible losses at sea and on land.
However, before the retail price of petrol is finalised at petrol stations, several additional costs are included in the BFP:
Government levies
- IP tracer levy (reimbursement to the oil industry for buying IP tracer dye and injecting it into IP to curtail the mixing of IP and diesel)
- General Fuel levy (tax levied by the government)
- Slate levy (to finance the cumulative under-recovery of the industry)
- RAF levy (to compensate for people involved in road crashes and accidents)
- Petroleum products levy (reimbursement to the pipeline users for the applicable NERSA tariff on transporting fuel through the pipeline)
Additional costs
- Wholesale margin (markup to the price of a product to account for wholesaling costs)
- Service cost recoveries
- Storage, handling and delivery costs
- Distribution costs
- Dealers margin (commission to the fuel pump dealers for retail operation)
- Zone differential (applicable to inland regions)
- Customs and excise duty
Petrol price adjustments are generally made on the first Wednesday of every month by the Department of Energy.