Petrol price indicators from the Department of Energy indicate another blow for motorists when they head to the pumps on Wednesday, 1 March 2023.
Petrol price: Here’s how much a litre may cost from Wednesday, 1 March 2023
In a statement, the department revealed this period’s increases were impacted by the average international product prices of petrol, while, on the other hand, diesel and paraffin saw decreases between 27 January and 23 February 2023.
The South African rand also depreciated against the dollar.
“The average Rand/US Dollar exchange rate for the period 27 January 2023 to 23 February 2023 was 17.7402 compared to 17.0462 during the previous period,” the department explained.
Moreover, the Energy Department will implement a 4.2c p/l increase in the slate levy from Wednesday, 1 March 2023. This comes after “the combined cumulative petrol and diesel Slate balances at the end of January 2023 amounted to a negative balance of R2.71 billion.”
Here is a look at the estimated petrol price increases expected on Wednesday, 1 March 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 | R22.95 | +R1.27 |
Petrol 93 | R22.65 | +R1.27 |
Diesel 0.05% | R21,62 | +R0.30 |
Diesel 0.005% | R21.71 | -R0.55 |
Coastal
TYPE | PRICE (p/l) | CHANGE |
Petrol 95 | R22.30 | +R1.27 |
Petrol 93 | R22.00 | +R1.27 |
Diesel 0.05% | R20,97 | +R0.30 |
Diesel 0.005% | R21.07 | -R0.55 |
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.