Fuel price hikes expected in November
If current market conditions persist, the five-month fuel price-cutting streak will end next Wednesday (6 November).
Picture: nomadsoul1/123rf.com
Domestic fuel prices are primarily determined by the rand/dollar exchange rate and international oil prices.
The latest data from the Central Energy Fund shows that petrol prices might increase between three and 14 cents per litre, while diesel prices are also on track for a hike of around 14 cents per litre.
Oil prices have been volatile relative to September, while the rand has generally been stronger against the dollar overall, helping with recoveries.
However, South African motorists should brace for a petrol price hike next week, with recoveries at the end of the third week of October not showing any improvement.
Should current market conditions persist until the end of the month, this would break the recent five-month cutting streak.
Currently, these are the expected changes:
- Petrol 93: increase of 3 cents per litre
- Petrol 95: increase of 14 cents per litre
- Diesel 0.05% (wholesale): increase of 14 cents per litre
- Diesel 0.005% (wholesale): increase of 13 cents per litre
- Illuminating paraffin: increase of 7 cents per litre
The Department of Mineral Resources and Energy (DMRE) has noted that its daily snapshots are not predictive and do not encompass other possible modifications, such as slate levy adjustments or retail margin changes.