The Department of Mineral Resources and Energy has announced official fuel price data for February 2023. All indicators point to a slight increase in fuel costs across the board.

Earlier this month, mid-month fuel price data forecast cuts in fuel prices for February 2023 but the latter half of the month has turned the table into a negative sentiment with rising international petroleum product prices resulting in a shift in the outlook.

The department of mineral resources and energy’s official statement read: The average Brent Crude oil price increased from 85.08 US Dollars (USD) per barrel to 86.16 USD per barrel during the period under review. The main contributing factor is the re-opening of the Chinese economy. The movement in international refined petroleum product prices, diesel, petrol and illuminating paraffin in particular followed the increasing trend in crude oil prices, while the prices of LPGas decreased due to lower propane and butane prices during the period under review. These factors led to higher contributions to the Basic Fuel Prices of petrol, diesel and illuminating paraffin by 92.74 c/l, 71.40 c/l and 78.21 c/l, respectively. The LPGas prices are decreasing due to the lower prices of Propane and Butane during the period under review.

The stronger Rand led to lower contributions to the Basic Fuel Prices of petrol, diesel and illuminating paraffin by 15.97 c/l, 18.79 c/l and 19.36 c/l respectively.

Fuel price increases for February 2023

As far as increases go, 93 and 95 octane petrol will rise by 28c per litre. 50ppm diesel will increase by 9c per litre and 5ppm diesel is set to increase by 0.84c per litre.

Fuel Prices in South Africa

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