The Central Energy Fund (CEF) has confirmed that South African motorists will have to dig a bit deeper in their pockets, with petrol prices increasing in November.
All types of fuel will cost more from 6 November 2024.
This news comes of five months of consecutive decreases in the prices of petrol which granted consumers relief.
Fuel Price Adjustments For November 2024
- Both Grades of Petrol 93 & 95 (ULP & LRP) will increase by 25 cents per litre
- Diesel 0.05% Sulphur will increase by 21 cents per litre in wholesale price
- Diesel 0.005% Sulphur will increase by 20 cents per litre in wholesale price
- Illuminating Paraffin (Wholesale) will increase by 21 cents per litre decrease in wholesale price
- Illuminating Paraffin (SMNRP) will increase by 20 cents per litre in the Single Maximum National Retail price (SMNRP)
- Maximum Retail Price for LPGAS will increase by 36 cents per kilogram decrease
Fuel Prices Increasing Again
The average international price of petrol increased during the period of review This means the basic cost of the product in South Africa is higher.
This was attributed to the conflict in the Middle East and the stand-off between Iran and Israel.
The average Brent Crude oil price increased from 72.82 US Dollars (USD) to USD 75.07 per barrel, during the period under review. The main contributing factor is the continued conflict in the Middle East and the stand-off between Iran and Israel.
The South African Rand has appreciated against the US Dollar. Since oil is priced in dollars, a stronger Rand means it takes less Rand to buy each barrel of oil, effectively reducing the import.
The average Rand/US Dollar exchange rate for the period 27 September 2024 to 31 October 2024 was 17.5301 compared to 17.6723 during the previous period. This led to a lower contribution to the Basic Fuel Prices of petrol, diesel and illuminating paraffin by 8.34 c/l, 8.49 c/l, and 8.49 c/l respectively.
