S.Africans kick-start March with a fuel price increase - CNBC Africa

S.Africans kick-start March with a fuel price increase

Southern Africa

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Petrol is set to increase by 96.00 cents a litre from 4 March 2015. PHOTO: Wikimedia

South Africa’s Department of Energy has said that the prices of fuel will increase with effect from 4 March 2015.

Petrol is set to increase by 96.00 cents a litre, diesel by 74.00 cents a litre, illuminating paraffin (SMNRP) by 73.00 cents a litre and Liquefied Petroleum Gas (LPG) by 154.0 cents a kilogram.

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“The pump price of both grades of petrol and the wholesale prices of diesel, illuminating paraffin and the maximum retail prices of both Illuminating paraffin and LPG will increase with effect from the 4th of March 2015,” the department said.

“The main reason for the fuel price increases is the average increase in the price of crude oil, by about 20 per cent, during the period under review compared to the previous period. The other reason is the depreciation of the rand against the US dollar.”

It added that the slate levy on petrol and diesel remains unchanged at zero cents per litre, due to positive cumulative over-recoveries on these products and that the pricing schedule for all the pricing zones would be published on 3 March 2015.

“The Department of Energy believes that the price of crude oil will stabilise around the current level and as such no major price shocks are expected in the future,” said the energy ministry.

“The fuel and Road Accident Fund levies that were announced by the Minister of Finance during his Budget Speech will be implemented on the 1st of April 2015.”

(READ MORE: S.Africans to pay a tad more on personal income tax)

Finance Minister Nhlanhla Nene indicated that the general fuel levy would increase by 30.5 cents a litre and the Road Accident Fund (RAF) levy on fuel by 50 cents a litre.

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