Petrol diesel

Diesel and petrol prices were hiked from Wednesday, 1 February morning in another blow to suffering South Africans. Photo: Stock/Canva

Mzansi motorists braced for dire petrol and diesel price hike NEXT WEEK

The latest available data published by the Central Energy Fund shows that petrol and diesel prices in Mzansi will be increasing next week.

Petrol diesel

Diesel and petrol prices were hiked from Wednesday, 1 February morning in another blow to suffering South Africans. Photo: Stock/Canva

The latest available data published by the Central Energy Fund (CEF) shows that petrol and diesel prices in Mzansi will be increasing next week.

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The data, as of Tuesday, 25 October, shows that the petrol price is expected to climb by 59 cents per litre – for 95 octane.

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Diesel, meanwhile, shows an even larger under-recovery, suggesting a potential increase of between R1.58 to R1.60 per litre.

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Latest numbers as below:

  • Petrol 93: increase of 59 cents per litre;
  • Petrol 95: increase of 64 cents per litre;
  • Diesel 0.05%: increase of 158 cents per litre;
  • Diesel 0.005%: increase of 160 cents per litre;
  • Illuminating Paraffin: increase of 77 cents per litre.

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

The rand has struggled of late along with other emerging market currencies as investors and traders rush to safer assets amid tighter monetary policies by major central banks.

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At the time of publishing the rand/dollar exchange rate is R18.03/$.

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Oil price

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

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At the time of publishing the brent crude oil price is $92.88 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, 1 November.

Go easy on the accelerator until then, Mzansi!

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