• The Automobile Association of South Africa has given its outlook for the petrol price of March 2024.
• According to the association, petrol and diesel are set to get more expensive this month.
• We will only know the exact pricing when the DMRE releases its monthly fuel prices by Tuesday this week.

*UPDATE:

The Department of Mineral Resources and Energy (DMRE) has announced the government-set fuel prices for March, set to take effect from Wednesday 6th March 2024.

• Petrol 93 to increase by R1.21 per litre,
• Petrol 95 to increase by R1.20 per litre,
• Diesel 0.05 percent to increase by R1.05 per litre,
• Diesel 0.005 percent to increase by R1.18 per litre,
• Illuminating Paraffin to increase by 64 cents per litre,
• LP gas to increase by 41 cents per kilogram.

Higher crude oil prices internationally, and the continued weakening Rand against the Dollar have led to these increases for March, the DMRE says. As such the AA’s outlook was relatively close to the DMRE-set prices, with Petrol 93 actually a bit more expensive.

Original article follows:

Ahead of the expected announcement about the petrol and fuel price for March 2024 from the Department of Mineral Resources and Energy (DMRE), the Automobile Association of South Africa (AA) has given its own outlook for what motorists should expect to be paying this month at the pumps.

According to the AA, who relayed its outlook for the petrol price in March 2024 to the SABC, motorists can expect:

• Petrol 93 to increase by R1.15 per litre,
• Petrol 95 to increase by R1.20 per litre,
• Diesel to increase by R1.18 per litre.

The AA provides roadside assistance, technical and motor-related services and legal advice to its members, all while promoting safe driving habits to all South Africans. While the AA cannot give exact numbers for fuel prices, as those are set by the DMRE, its outlook is usually similar to what drivers can expect in the month.

For example, its outlined decreases for diesel prices in March last year were later reflected by the DMRE in its official April fuel price announcement, if a bit understated. If the AA expects prices to increase for March 2024, then it is likely the petrol will be getting more expensive.

Prices for fuels have been on the increase since late last year. The latest hikes are influenced by the ongoing situation in the Middle East, especially attacks on cargo ships in the Red Sea by Houthi militants looking to influence Western Powers into pulling aid from Israel during its ongoing Palestine war.

These attacks and cargo route disruptions have caused delays in shipping and thus price hikes for Brent Crude Oil, which have then led to local price increases. These increases are further soured for South Africans because the country buys petrol products in dollars, which means the latest Rand to Dollar exchange rate also plays a big part in monthly price hikes. If the Rand depreciates against the Dollar, so will the petrol price increase for the respective month.

[Image – Photo by Dawn McDonald on Unsplash]