How much the petrol price has changed in 2022
Increases in the domestic price of fuel have been big news in South Africa throughout 2022, and motorists have been forking out more than R20 per litre of fuel for the majority of the year – with the most expensive month being July as petrol and diesel prices reached close to R27 and R26 per litre, respectively.
South Africans with petrol vehicles are now paying R3.85 more for a litre of petrol, while diesel motorists are spending a significant R6.68 more for a litre since the start of the year when the price of 95 petrol was R19.61, and diesel was R17.24. However, Rossouw noted that the price per barrel in June was not the highest level ever for the crude oil price. The highest-ever nominal historic level of $147.02 per barrel was reached on 11 July 2008. On that occasion, crude oil prices increased due to military tension concerning Iran.
According to Rossouw, another contributing factor aimed at mitigating the rise of petrol prices in 2022 was when the South African government temporarily reduced the fuel levy between April and August, which gave South Africans some reprieve from the soaring prices. Due to the Russia-Ukraine war and the Eurozone approaching winter months, many market participants have been stockpiling diesel for machinery, home heating, and emergency supply.This, in turn, has kept diesel prices from dropping considerably over September, October, and November, while petrol did not experience the same price stickiness, added TreasuryOne.
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