Fuel Prices Set to Increase
Fuel prices are set to rise in November, as confirmed by the Department of Mineral Resources and Energy (DMRE).
On Monday, the DMRE announced that the price of petrol will go up by 25 cents per litre, while diesel will rise by 20 to 21 cents per litre. Additionally, wholesale illuminating paraffin will see a 21-cent increase, and the retail price of LP gas will rise by 36 cents per kilogram.
These new prices will take effect on November 6.
The adjustments are primarily driven by increased Brent crude oil and petroleum product prices. However, the strengthening of the rand has helped cushion the impact, preventing even steeper price hikes for consumers.
The Automobile Association stated that the price hikes are due to significant increases in international oil prices around mid-October.
Fortunately, softer prices towards the end of the month reduced the expected under-recovery, and the stronger rand contributed to lowering the potential increase by approximately eight cents per litre.
This month’s increases follow five months of consecutive declines, with current fuel prices at their lowest since February 2022.
Petrol (95 ULP) is now R1.44 cheaper than in January. The most substantial decreases this year occurred in June (R1.24) and October (R1.14), with price increases observed between February and March.