South African motorists are bracing for a potential steep increase in fuel prices this October, as indicated by the latest data from the Central Energy Fund (CEF). The figures reveal significant under-recoveries across petrol, diesel, and illuminating paraffin, with 95 petrol showing an under-recovery of R3.29 per litre and 93 petrol at R3.08. Should these increases be fully realized at the pumps, the price of inland 95 petrol could surpass R30 per litre.
The anticipated hikes for October include R2.80 per litre for 0.05% diesel, R3.19 for 0.005% diesel, and R3.57 for illuminating paraffin. The upward pressure on fuel prices is primarily attributed to rising international oil prices and a weakening rand against the US dollar. Brent crude oil has been trading near the $100-per-barrel mark, adding to the costs considered in South Africa’s fuel pricing calculations.
Diesel prices, in particular, are expected to see a significant increase, which may have a broad impact on sectors such as transport, agriculture, construction, and the movement of goods across the country. These projected increases are not yet final, as the Department of Mineral and Petroleum Resources will make the official price adjustments. Additionally, changes in international oil prices, exchange rates, and the fuel-price slate levy could influence the final amounts set for consumers.
The new fuel prices are scheduled to be implemented on October 7, leaving consumers and industries closely monitoring these developments as they prepare for potentially higher operational costs and living expenses.