Johannesburg – South African motorists could face another significant fuel price increase in November, with petrol prices potentially exceeding R32 a litre inland as rising international oil prices and a weaker rand put pressure on fuel costs.
Central Energy Fund (CEF) data for mid-October showed under-recoveries of R2.26 per litre for 93-octane petrol and R2.28 for 95-octane petrol.
Diesel was also showing under-recoveries of R1.37 and R1.46 per litre for the 500ppm and 50ppm grades, respectively.
If the projections hold, inland petrol prices could rise to R32.14 a litre for 93-octane and R32.53 for 95-octane, compared with the current R29.88 and R30.25.
At the coast, 95-octane petrol could increase from R29.38 to R31.66 a litre.
Rising international petroleum prices and a weakening rand were driving the expected increases.
International oil prices were trading at about $104 a barrel on 15 October, after reaching $106 earlier in the week, adding pressure to domestic fuel costs.
The rand’s recent recovery against the US dollar has offered some relief, but not enough to offset elevated international fuel prices.
The November adjustments are expected to take effect on Wednesday, 4 November. However, the CEF’s daily figures are indicative and may change before the government announces the final prices.
The Department of Mineral and Petroleum Resources is expected to confirm the official adjustments closer to the implementation date.
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Compiled by Betha Madhomu
