As January 2022 draws to a close, indicators are pointing to further fuel price increases for February 2022.Update: Yes, it’s going up.

Update: As of Monday the 31st January, the petrol price will jump by 53 cents a litre for both 93 and 95 grades, while diesel owners will see an increase of 80 cents a litre. The price of illuminating paraffin will go up by R1.01 per litre.

South African motorists suffered brutal fuel price increases during 2021 and as the first month of 2022 comes to an end, the fuel price forecast for February 2022 isn’t looking good.

While we wait for an official announcement from the Department of Mineral Resources and Energy regarding fuel price adjustments for February 2022, analysts are expecting increases.

The price of Brent Crude Oil has been rising steadily during January 2022 and has this week breached the $90 mark for the first time in 7 years. The rise has mostly been driven by the ongoing Russia-Ukraine tensions and the resulting potential threat of possible US sanctions.

This is likely to have a considerable impact on local fuel prices. However, the blow will be softened somewhat considering that the Rand has firmed up against the US Dollar during the same period from R15.82 in the beginning of the month to R15.27 as of today.

In December 2021, fuel prices in South Africa breached the R20 per litre mark for the first time ever. This, at a time when the economy is struggling to recover from the Covid-19 pandemic. Consumers and household budgets are currently under tremendous pressure and rising fuel prices will undoubtedly make life considerably more difficult for millions of South Africans.

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