Fuel price: Forecast remains grim for October
The mid-month fuel price projections from the CEF paint a dire picture for October 2023 for South Africa’s motorists.
The mid-month fuel price projections from the Central Energy Fund (CEF) paint a grim picture for October 2023 for South Africa’s motorists.
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Note: This is an updated article with the latest petrol and diesel projections
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This news comes on the back of massive price hikes for both petrol and diesel earlier this month, as reported by The South African website.
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The reason for the increase is due to both Russia and Saudi Arabia cutting production recently and extending that decision until the end of 2023. As a result the dollar has strengthened against the rand.
Below, the latest projections as received by The South African website from the CEF, effective Monday, 18 September 2023.
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| FUEL | PRICE CHANGE | |
| Petrol 93 | increase of 116 cents | |
| Petrol 95 | increase of 124 cents | |
| Diesel 0.05% | increase of 197 cents | |
| Diesel 0.005% | increase of 189 cents | |
| Illuminating Paraffin | increase of 180 cents |
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 116 cents is expected for petrol 93 octane motorists and an increase of 124 cents for 95 users.
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Meanwhile, diesel motorists would see something around a 189 to 197 cents per litre increase.
Finally, illuminating paraffin is expected to increase by 180 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 $94.94 a barrel.
Exchange rate
At the time of publishing the rand/dollar exchange rate is R18.99/$.
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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, 3 October.
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Go easy on the accelerator until then, Mzansi.
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The current SEPTEMBER 2023 petrol and diesel prices (Inland and Coastal):
| INLAND | September |
| Petrol 93 | R24.14 |
| Petrol 95 | R24.54 |
| Diesel 0.05% | R23.05 |
| Diesel 0.005% | R23.28 |
| Illuminating Paraffin | R17.41 |
| COASTAL | September |
| Petrol 93 | R23.42 |
| Petrol 95 | R23.82 |
| Diesel 0.05% | R22.32 |
| Diesel 0.005% | R22.57 |
| Illuminating Paraffin | R16.49 |
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