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November fuel price hikes confirmed

Industry news

The Department of Energy has confirmed that South Africans will be paying 45 cents a litre more for petrol and 63 c/l extra for diesel from next week.

From Wednesday 2 November, 95 Unleaded petrol will set you back R13.05 a litre in Gauteng and R12.57 at the coast, while those with diesel vehicles will part with R11.35 and R10.96 respectively for 0.05ppm and R11.38/R10.99 for 0.005 low-sulphur fuel.

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File picture: Reuters.

The price increases are largely due to stronger oil prices during the month of October.

"A key factor that contributed to the increase in the prices of crude oil was the fact that Opec talked publicly about the possibility of production restraint and together with the possibility of Russia also following suit," The Department of Energy stated.

The unstable rand also remains a risk to local fuel prices. The local currency went into a tailspin earlier in the month after the NPA announced that Finance Minister Pravin Gordhan would be charged with fraud. However the rand has since gained backed most of its lost ground, likely on speculation that the charges against Gordhan would not stick.

The rand started the month at R13.63 and hit a low of R14.41 on October 12. At the time of writing, October 28, the currency was trading at R13.89.

 

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