Here’s what you’ll pay for fuel from Wednesday, November 2

The price of petrol and diesel will increase on November 2. File picture: David Ritchie/African News Agency (ANA).

The price of petrol and diesel will increase on November 2. File picture: David Ritchie/African News Agency (ANA).

Published Nov 2, 2022


Johannesburg - Although the past few months have brought some fuel price relief, this has not been enough to offset the huge increases that took place earlier in the year, when all grades of petrol cost less than R20.

To add insult to injury, the fuel price equation has turned negative once again. The Department of Mineral Resources and Energy has announced that both grades of petrol would increase by 51 cents a litre from Wednesday, November 2. Diesel will see much steeper increases, of R1.43 (500ppm) and R1.44 (50ppm), making this economic lifeblood more expensive than it has ever been.

Following Wednesday's increases, a litre of 95 Unleaded petrol will cost R22.22 at the coast and R22.87 in the inland regions, and 93 Unleaded R22.57.

How will this affect you at the pumps?

If you put 35 litres into the fuel tank of a small car like the Volkswagen Polo (with a 40 litre tank that you’re presumably not going to empty), then expect to pay R17.85 more per tank from November. This means a refuel cost of R777 at the coast (95 ULP) and R789 inland (93 ULP).

Refuelling a medium-sized car such as a Toyota Corolla with 50 litres will cost you an extra R25.50, with the tank costing you R1 111 at the coast and R1 128 inland.

The diesel price hikes will hit particularly hard if you’re driving a larger SUV or bakkie like the Toyota Fortuner or Hilux. Putting 70 litres into the 80 litre tanks will cost an extra R100. The tank price will vary between outlets as diesel is unregulated, but expect to pay somewhat more than the wholesale prices of R25.11 (coast) and (R25.74) inland for 50ppm.

The Automobile Association warned that November’s diesel price hike would have a negative impact on citizens as manufacturers passed their increased transport costs down the line to consumers.

Why are the prices rising?

November’s fuel price increases come as a result of higher international oil prices and a weaker rand. The taxation rate of R6.11 per litre is not making things easier. The local currency depreciated from an average of R17.56 in September to R18.11 in October, according to data released by Nedbank.

Brent Crude oil prices also increased earlier in October after the Organisation of the Petroleum Exporting Countries (Opec) agreed on its biggest production cut since the pandemic. At the time of writing, Brent Crude was trading at $92.81 a barrel, up from the average of around $85 in September.

The oil price and currency situation does not bode well for December’s fuel prices, although it is too early to predict that with any form of accuracy.

To put the fuel prices into perspective, consider that a litre of 95 Unleaded at the coast, which currently sells for R22.22, cost R18.89 at the beginning of 2022 and just R14.16 at the start of 2021.

The R25.11 wholesale price of 50ppm diesel has risen from R16.68 in January this year and R12.43 in January 2021, effectively doubling in less than two years.