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March 2020 Petrol Prices

As of 4th March 2020, Petrol prices will be dropping by around 19 Cents per litre.

Petrol prices have been dropping worldwide as supply outweighs demand. With much of China being in lockdown and people being less prone to travel during the Carona virus outbreak, it seems petrol use is down significantly.

The Rand has not been doing well verse the US D0llar recently, having lost about 60 Cents of value (on average) over the last month or so against the Dollar. Since the price of crude oil is in dollars it means we end up paying a bit more than we would, had the Rand been able to hold its ground.

Diesel and paraffin prices are also set to drop much more dramatically by 50 Cents and 68 Cents respectively.

April Brings A Tax Hike

While the prices have now dropped, April will bring a 16 Cent increase in the Fuel Levy and a 9 Cents increase to the Road Accident Fund Levy that will erase the price drop. That will mean that each litre of fuel will carry a R5.84 tax.

Also on the cards is the plan by the oil-producing countries to reduce production to push the price back up again.