Our wallets are shedding cash faster than we can earn it! File picture
IF YOU were hoping for a miracle at the pumps this month, I regret to inform you that February is bringing no such relief. In fact, it’s rolling in like an overcaffeinated debt collector - loud, demanding, and ready to empty your pockets.
The Department of Mineral and Petroleum Resources has confirmed that from Wednesday, February 5, the price of both grades of petrol will surge by 82 cents per litre. As for diesel? It’s flexing its inflation muscles with an increase of R1.01 per litre for 50ppm and R1.05 for 500ppm.
By the numbers, this means that 95 petrol will now cost R21.62 per litre at the coast and R22.45 inland. Meanwhile, 93 will increase to R22.16 per litre, because why should anyone catch a break? Diesel’s wholesale price is looking at R18.68 at the coast and R19.44 inland, though you can expect the final retail price to be a little more soul-crushing.
Let’s break that down in real-world terms: If you were planning to refuel with 30 litres of petrol, you’ll now be forking out R24.60 more than you did last month. Need 50 litres? That’s an extra R41. And if you drive a bakkie and rely on diesel? A 70-litre fill-up will cost you R70.70 more than you budgeted for.
This latest slap in the wallet follows a trend of steady increases - 19 cents in January, 17 cents in December, and 25 cents in November. If this was a subscription service, we’d all be looking for the ‘unsubscribe’ button right about now.
So what’s causing this financial heartburn? A cocktail of international oil prices and our ever-slipping rand. Brent Crude oil prices shot up from an average of $72 to $77.41 per barrel in the most recent review period, and the rand, bless its fragile soul, took another dive - depreciating from R18.11 to R18.73 to the US dollar. Add to that the usual global economic chaos, and we’re looking at a recipe for ongoing pain at the pumps.
If you were hoping March might bring a glimmer of hope, well, let’s just say you might want to lower those expectations. The rand isn’t exactly in its prime, and with the Orange One stirring up more volatility, the odds of a price drop are slimmer than a budget-friendly road trip right now.
So, start planning those lift clubs, dust off the bicycles, and maybe consider some fuel-efficient life choices - because February is coming for your wallet, and it’s not knocking politely.
* Adapted from an original report by Jason Woosey.