Fuel Prices Set to Drop in March

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The AA has reportedly said that motorists can expect “substantial fuel price reductions” next month. This is in part due to world oil prices decreasing as coronavirus fears impact global economic activity.

According to reports “The impact of the novel coronavirus outbreak on global economic activity cannot be overstated, and petroleum prices have retreated in lockstep with the downturn across world markets,” the AA says. 

“Under normal circumstances, we would be focusing on our serious concerns over the rand’s trajectory, with the local currency having depreciated by nearly 30 cents against the US dollar since the start of February. However, these declines have all been overrun by the pullback in oil.”

The association has forecasted month-end fuel price declines of between 9 and 19 cents per litre for petrol, 55 cents a litre for diesel, and 68 cents for illuminating paraffin.

Based on current local and international factors, the fuel prices for March 2020 will reportedly be adjusted as follows:

  • Petrol (both 93 ULP and LRP): 19 cents per litre decrease
  • Petrol (both 95 ULP and LRP): 19 cents per litre decrease
  • Diesel (0.05% sulphur): 54 cents per litre decrease
  • Diesel (0.005% sulphur): 54 cents per litre decrease
  • Illuminating Paraffin (wholesale): 68 cents per litre decrease
  • SMNRP for IP: 91 cents per litre decrease
  • Maximum LPGas Retail Price: 32 cents per kilogram decrease