d R1.05 last month. Higher international prices for petrol weighed on the cost equation for March, while a slightly stronger rand had a positive effect to the tune of around 14 cents. Brent crude oil traded at higher levels earlier in the month, peaking at $77 (R1,435) on February 11, before retreating to almost three-month lows of around $72 last week. This was due to lower demand in the US, leading to bigger than expected stockpiles, as well as the expectation of a peace deal between Ukraine and Russia, which could see sanctions on Russian oil lifted. IOL17:T766,

FOLLOWING a steep increase in February, petrol prices are set for minimal movement in March, while diesel customers can look forward to a modest decrease.

Month-end data from the Central Energy Fund (CEF) is pointing to a seven cent decrease for 95 Unleaded petrol and seven cent increase for 93 Unleaded, while diesel is looking set for decreases of between 17 cents (500ppm) and 22 cents (50ppm).

This would see the price of 95 Unleaded receding to around R21.55 at the coast and R22.34 inland, where 93 ULP will cost around R22.23. The wholesale price of 50ppm diesel is likely to land around R19.47 at the coast and R20.23 inland.

Keep in mind that the above predictions are based on unaudited data. The official fuel price adjustments, which will be announced by the Department of Mineral Resources and Energy early this week, could incorporate other factors such as the Slate Levy.

The price adjustments will take effect on Wednesday, March 5.

This month’s relatively modest price movements follow petrol price hikes of 82 cents in February, 12 to 19 cents in January, 17 cents in December and 25 cents in November. Diesel rose by between R1.01 and R1.05 last month.

Higher international prices for petrol weighed on the cost equation for March, while a slightly stronger rand had a positive effect to the tune of around 14 cents.