Petrol price February 2025

Fuel Prices Rise – Time to Break Open the Piggy Bank!

Tick-tock! The petrol price is set to rise this February! Are your wallets ready? 🚗💸

In a rather unwelcome surprise for South African motorists, the Department of Petroleum and Mineral Resources has announced that petrol prices will see a hefty increase starting Wednesday, February 5, 2025. Many drivers are already preparing themselves for a trip to the pumps that will not only drain their tanks but also their wallets. The average petrol price is expected to rise by between 75 cents and 81 cents per litre, while diesel is also feeling the pinch with increases up to R1.01 for 50ppm diesel.

According to the Central Energy Fund, this spike in fuel prices can be largely attributed to the fluctuating Brent Crude oil prices, which have recently taken a significant upward turn. As mineral and petroleum resources minister Gwede Mantashe put it, this adjustment is necessary to keep pace with global market changes. So, while the idea of public transportation might seem more appealing, the thought of fitting a family of four into a taxi during rush hour may lead many back to their cars with a sigh.

But there's a silver lining on this fuel price cloud! With the South African Reserve Bank recently slashing the repo rate by 25 basis points, some South Africans might find a tiny bit of relief. Perhaps it’s time to invest in a bicycle or join that local walking club to not only save money but also boost fitness for the summer months ahead. If nothing else, you'll save on both fuel and gym fees, creating an eco-friendly win-win situation!

Mark your calendars, folks, because by the end of the week, the new prices will hit the pumps! If you’re still planning long trips, consider carpooling or utilizing public transport options to mitigate the bite in your budget. Remember, it’s always wise to budget for these unexpected costs and engage with your local communities about finding creative transportation solutions!

In other news, did you know that South Africa's fuel prices are some of the highest in the world? This is often attributed to taxes, and tariffs that the government imposes on fuels. Furthermore, it’s worth noting that the role of Brent Crude prices is not just about petrol but impacts various sectors including the supply chains across multiple industries!