The latest data from the Central Energy Fund shows that, at current oil price and exchange rate levels, the price of 95 octane petrol looks set for a hike of R2.32/litre in April. Diesel could be hiked by more than R3.
There are still almost three weeks to go before the petrol and diesel prices are fixed, though.
Local fuel prices are determined by international oil prices - as well as the dollar-rand value, as South Africa buys oil in dollar. There are still almost three weeks until the final price adjustment for April is determined. Rand strength and oil price weakness during the rest of the month could result in smaller increases.Russia is the world’s third largest producer of crude oil, and the expectation that it will be locked out of the market has caused a surge in oil prices. Traders are scrambling to secure oil supplies with Russia, unable to deliver some of its oils due to shipping and banking restrictions.
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