Record petrol price hike looms
Another petrol price increase is seemingly looming over South Africa, as it's set to tip the price into record-breaking territory.
MOTORISTS should brace themselves for a record-breaking price hike for petrol and diesel, according to the latest data from the Central Energy Fund (CEF).
Also read: Fuel for thought: 5 ways to save money and ease your pain at the pumps
Breaking the wrong barriers
October seems to be an expensive month for motorists as reports show that petrol is already under‑recovering by R1.81 (93) and R1.93 (95) per litre. Diesel continues to worsen, with deficits of R1.73 (0.05% sulphur) and R2.03 (0.005% sulphur).
This would be the highest amount paid for petrol since the start of the Iran War in June, which skyrocketed the price to R28.06. Similarly, diesel will also break the previous record price of R31.88 which was recorded in May.
Projected price adjustments
If these adjustments stay as is, motorists can expect to pay:
- Petrol 93: increase of R1.81 per litre
- Petrol 95: increase of R1.93 per litre
- Diesel 0.05% (wholesale): increase of R1.73 per litre
- Diesel 0.005% (wholesale): increase of R2.03 per litre
The projected prices for fuel for October would be:
- Petrol 93- R28.57
- Petrol 95- R28.85
- Diesel 0.05% (wholesale)- R30.84
- Diesel 0.005% (wholesale)- R32.08
Global influence
The shift in pricing stems from developments in global oil markets. The ongoing wars in Iran and Ukraine continue to have a detrimental effect on South African motorists who have to bear the brunt of it.
These are just predictions based on the latest CEF findings. The Department of Mineral and Petroleum Resources will confirm the adjustments soon.
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