Johannesburg - Rising international oil prices are threatening to send fuel prices surging in the coming months, however there is a small reprieve for petrol in October thanks to a positive currency and oil price situation earlier in the month of September.
According to late-month data from the Department of Energy, the price of 95 Unleaded petrol is set to decrease by around one cent in October, while 93 Unleaded petrol is set to come down by four cents. This means that a litre of 95 Unleaded should cost R17.61 at the coast and R18.33 in the inland regions, where 93 Unleaded petrol will retail R18.11.
There is bad news however for those filling up with diesel as a price increase of 23 cents is forecast.
This will bring the wholesale price of diesel up to around R15.15 at the coast and R15.75 inland, keeping in mind that retail prices will be higher as diesel is unregulated.
Fuel price hikes ahead
South African motorists can expect more fuel price hikes in the coming months, if international oil prices don’t subside.
Although it is still too early to predict the fuel prices for November, given that a lot can happen in terms of oil prices and currency, the latest daily data is concerning as it shows a deficit of around 70 cents for petrol and just over R1 for diesel.
The price of Brent crude oil jumped $80 last week for the first time in almost three years, and at the time of writing it was listed at $81.26. This comes on the back of expectations for surging demand and concerns about supplies as the world slowly emerges from the pandemic crisis.