The early fuel projections for January 2024 shows that South Africa’s motorists could be in for good news. Photo: Pixabay

Fuel price UPDATE: Numbers remain dire for petrol and diesel in October

The early petrol and diesel projections from the CEF paint a dire picture for October 2023 for South Africa’s motorists.

by Garrin Lambley

12-09-2023 10:47

in Business and Finance

The early fuel projections for January 2024 shows that South Africa’s motorists could be in for good news. Photo: Pixabay

The early petrol and diesel projections from the Central Energy Fund (CEF) paint a dire picture for October 2023 for South Africa’s motorists.

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This news comes on the back of this week’s massive price hikes for both petrol and diesel, as reported by The South African website.

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.

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Below, the latest projections as received by The South African website from the CEF, effective Monday, 11 September 2023.

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FUEL	PRICE CHANGE
Petrol 93	increase of 122 cents
Petrol 95	increase of 128 cents
Diesel 0.05%	increase of 222 cents
Diesel 0.005%	increase of 208 cents
Illuminating Paraffin	increase of 206 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 122 cents is expected for petrol 93 octane motorists and an increase of 128 cents for 95 users.

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Meanwhile, diesel motorists would see something around a 208 to 222 cents per litre increase.

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Finally, illuminating paraffin is expected to increase by 206 cents.

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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

Oil price

At the time of publishing the brent crude oil price is $90.89 a barrel.

Exchange rate

At the time of publishing the rand/dollar exchange rate is R18.88/$.

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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.

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Go easy on the accelerator until then, Mzansi.

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The current SEPTEMBER 2023 petrol and diesel prices (Inland and Coastal):