Mid-month fuel price data supplied by East Cape Fuels shows that South African motorists can expect steep fuel price hikes in March.
and do not cover other potential changes like slate levy adjustments or retail margin changes, which is determined by the department at the end of the month, taking all variables into account.
At mid-February the ZAR/USD exchange rate has been on a strengthening trend, is contributing to an over-recovery of around 14 or 15 cents per litre for petrol and diesel, respectively, with changes to international product prices being the main driver behind the fuel price increases. Citadel noted that the local unit bumped its head, again, at the key R15.00/$ level and retreated somewhat in trading on Tuesday. It traded at R15.14 against the dollar in afternoon trade on Wednesday.Global oil prices have been under pressure due to tensions around a possible Russian invasion of Ukraine. Energy minister Gwede Matashe this week warned that the crisis could lead to higher costs for local motorists.
The Brent Crude oil price has swung wildly this week amid a flurry of reports about the Ukraine issue.
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