South Africa’s Minister of Mineral and Petroleum Resources Gwede Samson Mantashe has confirmed an adjustment to fuel prices, effective February 5, 2025. Motorists and businesses alike should prepare for increases driven by both local and international market dynamics.
From February 5, 2025, petrol prices will rise by 82 cents per litre for both 93 and 95 octane grades. Diesel users won’t escape the impact either; prices will escalate by 105 cents per litre for 0.05% sulphur diesel and by 101 cents for 0.005% sulphur diesel. Meanwhile, illuminating paraffin will see an increase of 97 cents per litre, with LPG also experiencing a notable rise of 42 cents per kilogram.
The current spike in fuel prices is attributed primarily to fluctuations in crude oil prices. The average price of Brent Crude oil has jumped from $72.78 to $77.41 due to heightened global demand, particularly from cold weather in the Northern Hemisphere and anticipated boosts from China’s economy. At the same time, supply continues to face constraints from OPEC+ production decisions and geopolitical tensions.
Additionally, the rand has depreciated significantly against the US dollar, moving from 18.11 to 18.73, which has further exacerbated fuel costs. While the good news is that the slate levy remains unchanged at zero, the overall impact on fuel prices is undeniable.
Minister of Mineral and Petroleum Resources highlighted the importance of these adjustments, emphasizing they are essential to reflect the economic realities of fluctuating global markets.
