Fuel price LATEST: Forecast remains dire for petrol, diesel in October
The early petrol and diesel projections from the CEF paint a dire picture for October 2023 for South Africa’s motorists.
The early petrol and diesel projections from the Central Energy Fund (CEF) paint a grim picture for October 2023 for South Africa’s motorists.
Note: This is an updated article with the latest petrol and diesel projections
WATCH | Clifton 4th Beach LIVE webcam
This news comes on the back of massive price hikes for both petrol and diesel earlier this month, as reported by The South African website.
ALSO READ | SASSA: What are the EIGHT payment grants South Africans can apply for?
The reason for the increase is due to both Russia and Saudi Arabia cutting production recently and extending that decision until the end of 2023. As a result the dollar has strengthened against the rand.
Below, the latest projections as received by The South African website from the CEF, effective Friday, 15 September 2023.
MUST KNOW | Tick-Tock: What happens if you MISS the 2023 tax return deadline?
|Petrol 93||increase of 116 cents|
|Petrol 95||increase of 123 cents|
|Diesel 0.05%||increase of 202 cents|
|Diesel 0.005%||increase of 193 cents|
|Illuminating Paraffin||increase of 185 cents|
If these 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 – an increase of 116 cents is expected for petrol 93 octane motorists and an increase of 123 cents for 95 users.
MUST READ | Which of South Africa’s 9 provinces is the LARGEST by population size?
Meanwhile, diesel motorists would see something around a 193 to 202 cents per litre increase.
Finally, illuminating paraffin is expected to increase by 185 cents.
MUST READ | Does leaving appliances plugged in use power?
REMEMBER THIS? | Skukuza Golf Club makes headlines as lions take down giraffe
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
At the time of publishing the brent crude oil price is $94.34 a barrel.
At the time of publishing the rand/dollar exchange rate is R19.04/$.
ALSO READ: 5 ways to renew your vehicle license online
ALSO READ | Here’s why millions of prepaid electricity meters could stop working
The final overall price changes for both petrol and diesel will be confirmed in the weeks ahead with the new prices coming into effect at midnight on Tuesday, 3 October.
SEE | Kruger Park: Ranger shares picture of black mambas killed by car – LOOK
Go easy on the accelerator until then, Mzansi.
OOPS! | Tattoo FAILS: Daily hilarious ink disasters
The current SEPTEMBER 2023 petrol and diesel prices (Inland and Coastal):
LAUGH OUT LOUD | JOKE OF THE DAY