Petrol and diesel price hike for Mzansi motorists NEXT WEEK

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

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The data shows that the petrol price could climb by 48 cents per litre – for 95 octane.

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Diesel, meanwhile, shows an even larger under-recovery, suggesting a potential increase of between R1.61 to R1.64 per litre.

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Latest numbers as below:

• Petrol 93: increase of 48 cents per litre;
• Petrol 95: increase of 48 cents per litre;
• Diesel 0.05%: increase of 161 cents per litre;
• Diesel 0.005%: increase of 164 cents per litre;
• Illuminating Paraffin: increase of 78 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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According to BusinessTech, the rand hit a 29-month low last Thursday after data showed US consumer prices came in higher than expected, raising further bets of the Federal Reserve delivering another large rate hike next month.

At the time of publishing the rand/dollar exchange rate is R18.39/$.

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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 $92.56 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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