Moneyweb reports that South Africans will need to fork out R1.46 per litre more for both 95 octane and 93 octane petrol from Wednesday and will have to brace themselves for even higher fuel prices in April.

International crude oil prices spiralled above the $100 a barrel mark last week, largely because of the Russia-Ukraine war. If world oil prices stay at current levels or soar further, the petrol price in SA is likely to top a new record of R22 or even R23 per litre in April. March’s petrol price increase will see the inland price of 95 octane hitting R21.60 a litre, while for coastal provinces it will cost R20.88 per litre. “For the first time in history 95 octane petrol inland will rise above R21 a litre, and by a significant margin,” the Automobile Association (AA) said in a statement on Monday. The AA also noted that the price of 95 octane at the coast will “for the first time” breach the R20 per litre level. In addition to the hike in petrol prices, diesel is set to increase by between R1.44 and R1.48 a litre, while illuminating paraffin will increase by R1.21 per litre. The ramifications for South Africans and local businesses will go beyond just stomaching these hikes. Economists are warning that surging oil prices will further fuel inflation, which is already at the top end of the SA Reserve Bank’s target range.

• Read the full original of the report in the above regard by Suren Naidoo at Moneyweb

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