PETROL: Prices should drop in March

Motorists can expect a significant drop in petrol prices in March.

The price of petrol is expected to fall substantially in March, while the wholesale price of diesel is anticipated to remain steady.

Paul Joubert, senior researcher at Solidarity Research Institute, attributed this to the Rand strengthening against the Dollar, from R16.35 in January to R16 this month.

“International Dollar-prices of wholesale petrol have traded significantly lower over the past 10 business days than in January, but diesel has been slightly more expensive,” Mr Joubert explained.

He added if the current over-recovery for petrol persisted until February 25, motorists could see the price drop by about 80 cents per litre.

Mr Joubert noted that if the Rand weakened again, or the international petroleum price increased, this drop could be more dramatic.

“There isn’t much chance of the expected decrease swinging around totally to an eventual increase, though.”

On the diesel front, Mr Joubert said if current conditions persisted, the wholesale price could fall by about a cent in early March.

Solidarity stated the Finance Minister, Pravin Gordhan was likely to announce the annual change in fuel levies and the Road Accident Fund (RAF) levy by the end of the month, with implementing thereof likely to come in April.

Currently, the fuel levy stands at R2.55 per litre for petrol and R2.40 on diesel, while the RAF levy is R1.54 per litre for petrol and diesel.

While motorists would eagerly welcome a drop in the petrol price, the price is roughly 20 per cent higher than it stood at February 2015.

“Should it fall by about 80 cents in March, it will only be about three per cent higher than it was in March 2015,” Mr Joubert elaborated.

The current inland prices for petrol and diesel are as follows:

  • 93 LRP – R12.15
  • 95 LRP – R12.43
  • Diesel 0.05% Sulphur – R9.43
  • Diesel 0.005% Sulphur – R9.47
Quinton Boucher

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