South Africans are paying anywhere from R400 to nearly R1,000 more to fill up their tanks with petrol in 2023 than they did 10 years ago.
Petrol prices have always been an uncomfortable talking point for motorists, but it is no secret that the cost of fuel has skyrocketed in recent years owing to several reasons from supply chain disruptions caused by the Covid-19 pandemic, to conflicts around the world like the Russia-Ukraine and Israel-Palestine wars, and market adjustments made by OPEC nations like Saudi Arabia.
Here in South Africa, these issues are compounded by domestic factors like load shedding and the country’s low GDP growth, which are occurring at a time when the United States is experiencing an economic upturn, leading to a worsening rand/US dollar exchange rate with the world’s reserve currency that the price of crude oil is based on, resulting in higher import costs.
How things have changed
All of these factors have led to record-breaking petrol prices in South Africa, which reached an all-time peak of R26.74 per litre in July 2022, and a year-to-date high of R25.68 per litre in October 2023.
While these costs have mercifully declined to R23.90 per litre as of this November, road users are still forking out a significant portion of their income just to get where they need to be in this day and age.
In contrast, the cost of one unit of petrol 95 in October 2013 was just R13.30, meaning that prices have nearly doubled in the last decade.
You can see how much more you are paying for fuel every time you top up according to your tank size in the table below:
| Tank size | Price to refill in October 2013 | Price to refill in October 2023 | Cost difference |
|---|---|---|---|
| 35 litres | R465.50 | R898.80 | R433.30 |
| 45 litres | R598.50 | R1,155.60 | R557.10 |
| 60 litres | R798.00 | R1,540.80 | R742.80 |
| 80 litres | R1,064.00 | R2,054.40 | R990.40 |
A 35-litre tank can be found on most entry-level cars like a Kia Picanto, while a 45-litre tank is more common on mid-range vehicles like a VW Polo. Larger SUVs like a Hyundai Tucson tend to have tanks in the realm of 60 litres, and 80-litre tanks are typically reserved for 4x4s like the Toyota Hilux meant for long excursions.
A large portion of this increase in fuel costs over the past decade is attributed to the rise of the Basic Fuel Price (BFP), which went from an average of R7.73 per litre in the 2013/2014 financial year to now sitting at R12.49-12.95 per litre as of November 2023.
The BFP is primarily dictated by the cost of Brent crude oil, which is reflected by how a single barrel of crude sold for R983.17 in 2013, but now costs R1,722.00 a decade later.
However it is not the only factor, as South Africa’s various taxes placed on fuel have also increased over the last 10 years, going from R5.58 in 2013 to R10.29 for every litre petrol purchased in 2023.
These added costs include transport levies, the wholesale and retail markups done by service stations, the fuel levy, and the Road Accident Fund levy.
Keyword: How much South Africans are paying to fill up their cars – 2013 vs 2023