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At current estimates, diesel prices may be lowered at the start of April, while petrol prices may see a small hike.
Fuel prices have been hiked for three straight months.
The latest estimate from the Central Energy Fund (CEF) shows that the price of 95 unleaded petrol may see an increase of around 10c a litre, while the wholesale price of diesel may be cut by between 32c and 36c.
Illuminating paraffin may be cut by around 46c.
The outlook for petrol and diesel prices could still change over the course of the month, as the final prices will only be determined at the end of March.
South African fuel prices are largely shaped by international oil costs and the rand exchange rate, as oil is priced in dollars.
Brent crude oil has climbed from around $82 a barrel from the start of the month to its current level of above $84. Oil is trading around its highest price levels in 2024 as the International Energy Agency warned of a supply deficit throughout the year.
But the rand has strengthened from R19.24/$ to R18.76.
At the start of March, unleaded petrol of both grades (93 and 95) rose by R1.21 a litre, bringing the Gauteng price of 95 unleaded petrol to R24.45 a litre, while the coastal price reached R23.73.
Wholesale diesel increase by R1.05 to R1.18 a litre. This left the Gauteng wholesale price at R22.41, with the coastal price rising to R21.69.
