Fuel price update: No good news for August petrol and diesel prices

We are now under a fortnight away from the new petrol and diesel prices for August 2023 taking effect. Sadly, the latest numbers from the Central Energy Fund (CEF) don’t paint a pretty picture.

Below, the latest projections as received by The South African website from the CEF, effective Thursday, 20 July 2023.

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If these market conditions were to remain consistent for the remainder of the month – an unlikely scenario with the rand/dollar exchange rate ever fluctuating and the oil price changing – an increase of 8 cents is expected for petrol 93 octane motorists and an increase of 15 cents for 95 users.

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Meanwhile, diesel motorists would see something around a 50 cents per litre increase.

Finally, illuminating paraffin is expected to increase by 49 cents.

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FUEL PRICE IN SOUTH AFRICA IMPACTED BY TWO MAIN FACTORS:

1. The international price of petroleum products, driven mainly by oil prices

2. The rand/dollar exchange rate used in the purchase of these products

Oil price

At the time of publishing the brent crude oil price is $80.50 a barrel.

Exchange rate

At the time of publishing the rand/dollar exchange rate is R18.05/$.

The final overall price changes for both petrol and diesel will be confirmed in the weeks ahead with the new prices coming into effect at midnight on Tuesday, 1 August.

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Go easy on the accelerator until then, Mzansi.

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The current JULY 2023 petrol and diesel prices (Inland and Coastal):

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