The Central Energy Fund (CEF) has revealed that the price of 95 octane petrol will decrease by R1,2c per litre on the first Wednesday of October. The price of a litre of 93 octane petrol will drop by 89c.
Diesel customers will need to pay 10c more for a litre of 0.05% Sulphur Diesel while 0,005 sulphur diesel will cost 15c more per litre.
Here’s a full list of price adjustments that will take effect from 5 October 2022
- Petrol 93 octane will decrease by 89c per litre.
- Petrol 95 octane will decrease by R1,2c per litre
- 0.05% sulphur diesel will increase by 10c per litre.
- Diesel (0.005%) sulphur decreases by 15c per litre.
- Illuminating paraffin (wholesale) will decrease by 61c per litre.
- Illuminating paraffin (retail) will decrease by 82c per litre.
- Maximum retail price for gas will increase by 19c per kilogram.
The price of fuel is determined by several factors including the price of a barrel of crude oil, the Rand to US dollar exchange rate and several levies implemented by the government that serve several functions.
The CEF said the average international product prices for petrol, diesel and illuminating paraffin decreased during the period under review. This led to lower contributions to the price of fuel.
However, the Rand depreciated against the US dollar under the period of review which meant that any further decrease in the price of fuel was unlikely. The Self-Adjusting Slate Levy Mechanism remained unchanged at 83.28c per litre.
Economist, Professor Bonke Dumisa says the third consecutive month of reduction in the price of petrol is not just good news for motorists. This as the reduction in the price of fuel contributed to a drop in the inflation rate from 7,8% to 7,2%.
However, the diesel price increase is not good news for consumers as it could increase the input costs needed to manufacture and transport goods and services. An increase to these input costs may then be passed down to members of the public.
Most of our food and other essential goods are transported by roads which means if ever the [price] of diesel is going up, this is going to offset the likely positive effect we could have had from the drop in the petrol price but all the same many South Africans are very happy they will be paying R1,2c less for 95 octane [petrol].
The price adjustments will come into effect just after midnight on Tuesday 10 October 2022.
