Watch: South Africa is Heading for Another Petrol Price Hike

South Africa’s fuel prices are heading in the wrong direction once again. The latest data from the Central Energy Fund points to increases for both petrol and diesel from the beginning of February. However, as international oil prices have been volatile this month, it’s difficult to predict just how big these increases will be. The latest daily snapshot from the CEF is pointing to hikes of around 25 cents for 95 Unleaded petrol and 32 cents for 93 ULP, however if current trends persist until the end of this week, we could be looking at increases closer to 70 cents. 500ppm diesel is currently looking set for a 5 cent increase, but that figure is growing by the day and could still climb to around 40 cents. We will have a much clearer picture by the end of this week, so stay tuned to IOL for an update.