fuel petrol diesel

It’s still far too early to accurately predict what lies ahead for diesel and petrol prices in March, but the latest data looks GRIM. Image: Pixabay

Fuel price mid-month update: Diesel forecast GOOD, petrol improving for December

Mid-month indications are that there will be a petrol price hike in December, but the news on the diesel front is improving each day.

fuel petrol diesel

It’s still far too early to accurately predict what lies ahead for diesel and petrol prices in March, but the latest data looks GRIM. Image: Pixabay

Mid-month indications are that there will be a petrol price hike in December, but the news on the diesel front is improving each day.

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While it is too early in the month to accurately predict what lies ahead for diesel and petrol prices in December, the latest data available from the Central Energy Fund – as of 14 November – shows contrasting signs.

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Fluctuations in international product prices and rand weakness show the following under-recoveries (price increases) for petrol and over-recoveries (price decreases) for diesel:

FuelPrice change
Petrol 93increase of 98 cents per litre
Petrol 95increase of 110 cents per litre
Diesel 0.05%decrease of 35 cents per litre
Diesel 0.005%decrease of 26 cents per litre
Illuminating Paraffin (wholesale)increase of 31 cents per litre

If these market conditions persist for the remainder of November, a hike is on the cards for December for petrol users of between 98 cents and R1.10, while diesel motorists may face a 26 to 35 cents per litre decrease.

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FUEL PRICE IN MZANSI 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

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Exchange rate

At the time of publishing the rand/dollar exchange rate is R17.28/$.

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Oil price

Global oil prices have remained below $100 a barrel in recent months, but have climbed from a low point of around $83 a barrel at the start of the October.

At the time of publishing the brent crude oil price is $92.64 a barrel.

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The final overall price changes for both petrol and diesel will be confirmed in the coming weeks with the new prices coming into effect at midnight on Tuesday, 6 December.

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Go easy on the accelerator until then, Mzansi.

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The current prices at the pumps (Inland and Coastal):

INLANDOctoberNovember
93 PetrolR22.06R22.57
95 PetrolR22.36R22.87
0.05% diesel (wholesale)R24.06R25.49
0.005% diesel (wholesale)R24.31R25.75
Illuminating ParaffinR16.99R17.76
LPGAS (p/kg)R34.07R33.09
COASTALOctoberNovember
93 PetrolR21.41R21.92
95 PetrolR21.71R22.22
0.05% diesel (wholesale)R23.41R24.84
0.005% diesel (wholesale)R23.67R25.11
Illuminating ParaffinR16.20R16.97
LPGAS (p/kg)R31.66R30.68