The Central Energy Fund (CEF) has released its latest projections for petrol and diesel prices for October 2023. Despite slight improvements, the outlook remains bleak for South African motorists.
These projections follow significant price increases for both petrol and diesel earlier this month, as reported by Sathub.
The price hike is attributed to recent production cuts by Russia and Saudi Arabia, which have been extended until the end of 2023. This decision has led to a strengthening of the dollar against the rand.
Also Read: Volvo to end diesel car production
Fuel price UPDATE
As of Wednesday, 20 September 2023, the CEF has provided the following projections to The South African website:
- Petrol 93: Increase of 110 cents
- Petrol 95: Increase of 117 cents
- Diesel 0.05%: Increase of 186 cents
- Diesel 0.005%: Increase of 178 cents
- Illuminating Paraffin: Increase of 170 cents
If market conditions remain consistent for the rest of the month, petrol 93 octane motorists can expect an increase of 110 cents, while 95 users can expect an increase of 117 cents. Diesel motorists could see an increase ranging from 178 to 186 cents per litre. Illuminating paraffin is projected to increase by 170 cents.
Factors Impacting Fuel Price in South Africa
The fuel price in South Africa is influenced by two main factors:
- The international price of petroleum products, primarily driven by oil prices.
- The rand/dollar exchange rate used in purchasing these products.
At the time of publishing, the Brent crude oil price is 92.69abarrelandtherand/dollarexchangerateisR18.84/.
Final Price Changes
The final overall price changes for both petrol and diesel will be confirmed in the coming weeks. The new prices will come into effect at midnight on Tuesday, 3 October.
Current Fuel Prices (September 2023)
Here are the current fuel prices for September 2023:
Inland Prices
- Petrol 93: R24.14
- Petrol 95: R24.54
- Diesel 0.05%: R23.05
- Diesel 0.005%: R23.28
- Illuminating Paraffin: R17.41
Coastal Prices
- Petrol 93: R23.42
- Petrol 95: R23.82
- Diesel 0.05%: R22.32
- Diesel 0.005%: R22.57
- Illuminating Paraffin: R16.49
South African motorists are advised to go easy on the accelerator until then.