The Cost of a Litre of Petrol in South Africa
How much is petrol per litre in South Africa 2022?
According to the SARB, the price of both diesel and inland 95-octane petrol increased to record highs of R25.40 per litre and R26.74 per litre, respectively, in July, before receding somewhat in August and September 2022.
How much is a litre of petrol in South Africa?
The average value for South Africa during that period was 24.84 South African Rand with a minimum of 22.04 South African Rand on 03-Oct-2022 and a maximum of 26.42 South African Rand on 04-Jul-2022. For comparison, the average price of gasoline in the world for this period is 33.82 South African Rand. Use the drop menu to see the prices in gallons.
What is the expected price of petrol in South Africa?
According to the Mid-month data from the Central Energy Fund, it shows that motorists could see another significant petrol price cut in October 2022. However, it’s bad news for diesel.
Also, according to the data , which serves as an indicator of market conditions as of 14 September , it shows that the petrol price could drop by as much as R1.31 per litre next month. However, diesel is an under-recovery , with a potential increase of 66 cents per litre.
The following is the mid-month snapshot:
- Petrol 95: over-recovery/decrease of 131 cents per litre;
- Petrol 93: over-recovery/decrease of 122 cents per litre;
- Diesel 0.05%: under-recovery/increase of 59 cents per litre;
- Diesel 0.005%: under-recovery/increase of 66 cents per litre;
- Illuminating Paraffin: over-recovery/decrease of 1 cent per litre.
According to the statement, by The Department of Energy it emphasized that the daily snapshots are not predictive and do not cover other potential changes like slate levy adjustments or retail margin changes, which are determined by the department at the end of the month, taking all variables into account.
The expected price changes are contingent on current market conditions persisting through to the end of the month. Notably, even if these changes come into effect, fuel prices are still much higher than they were in February before the impact of the Russian invasion of Ukraine was felt in global markets.
Local fuel price fluctuations are impacted by two main factors – the international price of petroleum products, driven mainly by oil prices, and the rand/dollar exchange rate used in the purchase of these products. Furthermore, for the first two weeks of September, oil prices have remained $100 a barrel, contributing to a significant over-recovery in local prices. However, a weaker rand has cut into the recovery over the same period.
Where is petrol cheapest in the world?
Venezuela is the world’s cheapest country to buy petrol, where amazingly it costs just 2 pence (GBP) a litre. This is because it’s home to some of the biggest oil reserves in the world.
Why is petrol so expensive in South Africa?
One major factor is that, the international oil price pressure leads to higher landed cost for fuel in South Africa. The landed cost in US dollars is converted to rand at the prevailing exchange rate. Any weakness in the rand exchange rate against the US dollar, therefore, results in a higher domestic petrol price.
Which country in West Africa has the highest fuel prices?
Based on all the data specified and recorded on 20/06/ 2022. The island nation of Seychelles has the most expensive fuel prices of any country considered African, according to GlobalPetrolPrices.com, at nearly 2$ per litre.
