If the fluctuations in international product prices and rand weakness continue for the rest of the month - an unlikely scenario given the rand's weakness and rising oil prices - a 128 cent increase for 93 octane petrol and a 123 cent increase for 95 octane petrol is expected, reports The South African.

Meanwhile, diesel motorists could see something between a 29 and 30 cents per litre increase.

'Some good news'

There are some good news for petrol and diesel prices, reports My Broadband. 

Finance Minister Enoch Godongwana has announced that South Africa’s general fuel levy and Road Accident Fund levy will not be increased this year.

The current general fuel levy is 18% of the retail fuel price, while the Road Accident Fund levy is around 10%.

National Treasury will also extend a tax rebate on diesel for food manufacturers. 

"To ease the impact of the electricity crisis on food prices, the refund on the Road Accident Fund levy for diesel used in the manufacturing process, such as generators, will be extended to manufacturers of foodstuffs," Godongwana said.

This takes effect from 1 April 2023 for two years until 31 March 2025. 

South Africa has seen substantial price hikes for petrol and diesel following Russia’s invasion of Ukraine, which caused a sharp rise in the price of Brent crude oil.

Since then, the US dollar has also strengthened significantly against other currencies, including the rand.

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