The first of two major fuel hikes took place on Wednesday (May 2), with an increase of 45 cents per litre.
The next increase will hit South Africans at the end of this month with the highest it has ever been at 92c a litre, pushing the price of fuel to more than R15/litre according to the Automobile Association (AA).
The AA says: “A substantial weakening of the rand against the US dollar has combined with sharp increases in international oil prices to produce a new record-high fuel price of over R15 a litre for fuel.
“The previous highest price for fuel was in December last year when petrol cost R14.76 a litre.
Petrol is set to increase by 92c a litre, diesel by R1.07.
The expected increase will move the cost of a litre of fuel, 93 octane (inland) to R15.15. At the same time last year, this fuel cost R13.57 a litre. The increase represents a R1.58 increase year-on-year, an 11.64% increase.
How much will it cost you?
Based on the current price of R14.97 for a litre of 95 unleaded petrol (inland), a 50l tank of fuel will cost R748.50. With the expected 92c a litre increase, the price could be R15.89 a litre at the end of May.
Filling a 50l tank of 93 LRP fuel will cost R794.50 which is R37 more than the current price of R757.50, at R15.15 per litre.
Current petrol price at a glance (as of May 2, 2018)
Inland 93: R14.72
Coast 95: R14.38
Inland 95: R14.97
Diesel – 0.05% Sulphur
Take a look at the cost of fuel in 2017: January to May:
With these major fuel price increases, it’s best to try and drive smart and efficiently.