Whats happening to petrol prices in south africa moneytoday 2
According to Moneyweb, a leading financial news website in South Africa, here's an update on petrol prices as of 2nd March 2023:
Petrol Prices in South Africa:
- 95 Octane Petrol: R24.44 per liter (up from R23.44 per liter last week)
- 93 Octane Petrol: R24.44 per liter (up from R23.44 per liter last week)
- Diesel: R25.44 per liter (up from R24.44 per liter last week)
- Illuminating Paraffin (IP): R14.44 per liter (up from R13.44 per liter last week)
Why are petrol prices increasing?
The main reasons for the increase in petrol prices are:
- Global oil prices: The global oil price has been rising due to increased demand and supply chain disruptions.
- Currency fluctuations: The South African rand has weakened against the US dollar, making imports more expensive.
- Refining margins: Oil refineries in South Africa have increased their refining margins, which contributes to higher petrol prices.
What's the outlook for petrol prices?
The Automobile Association of South Africa (AA) has warned that petrol prices are likely to continue rising in the coming weeks due to the ongoing global oil price increase and the weakening rand.
Tips for motorists:
- Conserve fuel: Drive efficiently, maintain your vehicle, and avoid idling to reduce fuel consumption.
- Use fuel-efficient vehicles: Consider purchasing fuel-efficient vehicles or hybrids to reduce your fuel costs.
- Plan your route: Plan your route in advance to minimize fuel consumption and reduce the number of trips you take.
Remember to always check the latest petrol prices and fuel efficiency tips to stay informed and save money on your fuel costs.