Brace yourself South Africa: Petrol, diesel price HIKE in November

Brace yourself South Africa: Petrol, diesel price HIKE coming in November

The latest data now suggests that South Africa’s motorists will almost certainly be in for a fuel price hike in early November.

The latest data stills suggests that South Africa’s motorists will enjoy a petrol price cut in early December 2024. Image: Wikimedia Commons

The latest data now suggests that South Africa’s motorists will almost certainly be in for a fuel price hike in early November.

As reported by The South African website, petrol and diesel vehicle owners in Mzansi enjoyed a big cut in the cost of petrol and diesel earlier this month.

It was the fifth straight month of decreases in prices.

However, that ‘run’ appears likely to end next month.

While the current petrol and diesel numbers still suggest another cut lies ahead next month, the numbers are worsening day by day, with still around four weeks remaining.

This is due to a combination of thee rand depreciating against the dollar and the price of oil continuing to rise thanks to ongoing unrest in the Middle East.

Below, the latest projections as received by The South African website from the Central Energy Fund (CEF), effective Wednesday, 9 October.

FUEL	PRICE CHANGE
Petrol 93	decrease of 23 cents
Petrol 95	decrease of 15 cents
Diesel 0.05%	decrease of 9 cents
Diesel 0.005%	decrease of 10 cents
Illuminating Paraffin	decrease of 16 cents

If the market conditions were to remain consistent for the remainder of the month – an unlikely scenario with the rand/dollar exchange rate ever fluctuating and the oil price changing – a decrease of 23 cents is expected for petrol 93 octane motorists and a decrease of 15 cents for 95 users.

Meanwhile, diesel motorists would see something between a nine to 10 cents per litre decrease.

Finally, illuminating paraffin is expected to decrease by 16 cents.

FUEL PRICE IN SOUTH AFRICA IMPACTED BY TWO MAIN FACTORS:

1. The international price of petroleum products, driven mainly by oil prices

2. The rand/dollar exchange rate used in the purchase of these products

Oil price

At the time of publishing the brent crude oil price is $77.73 a barrel.

Exchange rate

At the time of publishing the rand/dollar exchange rate is R17.55/$.

The final overall price changes for both petrol and diesel will be confirmed in the weeks ahead with the new prices taking effect at midnight on Tuesday, 5 November.

Go easy on the accelerator until then, Mzansi.