Johannesburg – Although the National Treasury has extended the fuel price “tax holiday” at the 11th hour, South African motorists are still facing massive fuel price hikes from Wednesday, June 1.
Thanks largely to stubbornly high international oil prices, 93 Unleaded petrol will increase by R2.43 per litre, while 95 Unleaded will go up by R2.33.
Diesel prices, which have risen at a much steeper rate than petrol in recent months, will be subject to a smaller but still substantial R1.07 increase in the case of 50ppm and R1.10 for 500ppm. Illuminating paraffin is going up by R1.56 per litre.
What all this means is that from June 1, a litre of 95 Unleaded will now cost R23.42 at the coast and R24.17 in the inland regions, where the cheaper 93 Unleaded will now cost R23.94.
The wholesale price of 50ppm diesel, meanwhile, will rise to R22.63 at the coast and R23.22 inland, although the prices you pay at retail will be somewhat higher than that as diesel is unregulated.
But how much more will you pay per tank?
If you own a small hatchback, such as a Kia Picanto, putting 30 litres into its 35-litre tank will now cost R702.60 at the coast (95 Unleaded), which is an increase of R69.90, and R718.20 inland (93 Unleaded), which is R72.90 more than you paid in May.
If you’re putting 35 litres into a Volkswagen Polo, expect to pay R819.70 at the coast (an increase of R81.55) and R837.90 in Gauteng (+R85.05).
If you own a mid-sized vehicle such as a Toyota RAV4, a 50 litre refuel will set you back R1171 at the coast (+R116.50) and R1197 inland (+R121.50).
The cost of putting 75 litres of diesel into a bakkie or large SUV will differ depending on where you fill up, but it will cost an extra R80.25.
The Department of Energy attributes the steep increases to higher international oil prices and a weaker rand, which depreciated from an average of R14.90 to the US dollar the previous month to R15.95 in May. Oil prices have remained stubbornly high since Russia invaded Ukraine in late February, and at this stage there is no sign of any relief with Brent Crude oil trading at $121.67 at the time of writing.
The Automobile Association warns that June’s massive fuel price hikes are going to hurt consumers and the economy.
“The joint announcement (on the extension of the R1.50 general fuel levy reduction) is a welcome development, and we are sure consumers are grateful that the government has stepped in with this financial reprieve. Even so, the adjusted fuel prices still take the fuel price to record highs, and consumers will have no option but to tighten their belts to accommodate for these significant price jumps,” the AA said.
“Apart from this immediate relief, we acknowledge that the government has limited options in dealing with a crisis that is affecting countries around the world, not only South Africa,” the association added.