South African motorists to brace for sharp petrol & diesel hikes as Ukraine and Russia conflict continues

South Africans have to brace themselves for a sharp increase in fuel prices next week as the Ukraine-Russia tension continues.

Earlier this week, Russian President Vladimir Putin launched “military operations” on Ukraine.

The Central Energy Fund released the latest fuel price increases. These will be effective from Wednesday, March 2.

Grades 93 and 95 petrol will increase by R1.46 a litre, while diesel is set to increase by between R1.44 and R1.48 a litre.

Wholesale illuminating paraffin will increase by R1.21 a litre, and the maximum retail price will increase by R1.61 a litre.

“The average international product prices for petrol, diesel and illuminating paraffin increased during the period under review. The Rand appreciated against the US Dollar during the period under review, on average, when compared to the previous period,” said Central Energy Fund.

The average Rand/US Dollar exchange rate for the period January 28 to February 24, 2022 was 15.2343 compared to 15.5081 during the previous period. This led to a lower contribution to the Basic Fuel Prices on petrol, diesel and illuminating paraffin by 19.59 c/l, 19.66 c/l and 19.44 c/l, respectively.”

Earlier this week, IOL reported that Brent crude oil prices went up by more than five percent above $99 (R1 497.21) per barrel, getting closer to the feared $100 per barrel.

-IOL

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