Petrol diesel

While it’s still on the early side to tell with certainty, indications are there will be good petrol and diesel price news in January 2023. Image via Pixabay

Petrol price latest | GRIM forecast for December, better news for diesel: Early numbers

Diesel and petrol prices in South Africa increased in early November – and early indications are that further pain awaits in December.

Petrol diesel

While it’s still on the early side to tell with certainty, indications are there will be good petrol and diesel price news in January 2023. Image via Pixabay

Diesel and petrol prices in South Africa increased in early November – and early indications are that further pain awaits in December.

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While diesel went up by R1.43 a litre for 0.05% and R1.44 for 0.005%, petrol for both 93 and 95 octanes increased by 51 cents a litre.

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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 7 November – shows worrying signs.

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Fluctuations in international product prices and rand weakness already show the following under-recoveries – and therefore price increases:

FuelPrice change
Petrol 93increase of 128 cents per litre
Petrol 95increase of 137 cents per litre
Diesel 0.05%increase of 37 cents per litre
Diesel 0.005%increase of 47 cents per litre
Illuminating Paraffin (wholesale)increase of 52 cents per litre

If these market conditions persist for the remainder of November, another steep hike is on the cards for December, especially for petrol users.

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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 R17.75/$.

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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 $97.21 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