• 10 tips to find bargains

    Susan Erasmus gives advice on how bargain hunters can get the most bang for their buck.

  • Inside Labour

    Labour's bitter breaches need to be seen in historical context, says Terry Bell.

  • Rich getting richer

    Economists differ on how to tackle the chasm between rich and poor, says Leopold Scholtz.

Loading...
See More

Motorists in for another steep fuel hike

Feb 22 2013 11:23 I-Net Bridge
petrol, fuel, gas,

(Shutterstock)

Related Articles

Gear up for another petrol price hike

Petrol to go up by 41c/l

Petrol price likely to rise

Petrol price set to rise in February

Petrol could reach R14/litre in 2013

Petrol station owners fear price hike

 

Johannesburg – The daily petrol price under-recovery was 74.974c/l on February 21 after reaching 100.661c/l on January 29 compared with an over-recovery of 3.855c/l on the first day of this year.

The change in the daily petrol price in January was largely due to the weakening rand‚ which moved from R8.5148 per US dollar on January 1 to R9.0675 on January 29‚ while in February the major factor was a rise in international product prices.

The average under-recovery for the period February 1 to February 21 was 84.966c/l of which the higher international product prices accounted for 71.396c/l‚ while the rand exchange rate only accounted for 13.57c/l.

The department of minerals and energy is therefore likely to implement a retail petrol price increase of about 75c/l on March 6‚ provided the daily under-recovery remains near the February 21 level. The wholesale diesel (0.05% Sulphur) price could rise by a more subdued 53c/l.

Last month the petrol price increased by 41c/l.

The increase would bring the price of 95 ULP to R13.02 a litre and 93 ULP and LRP to R12.81 a litre in Gauteng.

Diesel would cost approximately R11.86 a litre.

An under-recovery means that the basic petrol price based on the daily product price and exchange rate is more than the basic fuel price used in the calculation of the monthly retail petrol price.

An under-recovery therefore implies that the retail petrol price will most probably be increased at the next monthly price adjustment‚ provided the government does not introduce a new levy or raise either the wholesale or retail margin.

The retail petrol price is adjusted monthly on the first Wednesday of the month in accordance with the previous averaging period's over- or under- recovery.

The current averaging period runs from February 1 to February 28 and a price announcement is due on March 1. 



Follow Fin24 on Twitter, Facebook, Google+ and Pinterest.

petrol price  |  rand  |  oil

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
67 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

Brought to you by BizNews

More from BizNews

We're talking about:

SMALL BUSINESS

Johannesburg has been selected to host the Global Entrepreneurship Congress in 2017. "[The congress] will ensure that small business development remains firmly on the national agenda and the radar screen of all stakeholders, the Small Business Development minister said.
 
 

Top 10 richest musicians of all time

Check out the gallery to find out who they are!

 
 

Luxury living

Seven of the most expensive children's toys ever made
5 millionaires turned murderers
The youngest billionaires in the world and how they made it
Watch: Flying first class has never been this luxurious!

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

How do you see your boss? He/sheis:

Previous results · Suggest a vote

Loading...