Unfavorable news for South African petrol prices in November 2024

Recent data indicates that South African motorists are highly likely to face a fuel price increase in early November 2024.

Worsening daily

As reported by The South African website, petrol and diesel vehicle owners in Mzansi enjoyed a cut in the cost of petrol and diesel earlier this month.

It was the fifth straight month of decreases in prices.

However, that ‘run’ appears likely to end next month.

The numbers are rapidly worsening by the day, with still three weeks remaining.

This is due to a combination of the rand depreciating against the dollar and the price of oil continuing to rise thanks to ongoing unrest in the Middle East.

Below, the latest projections as received by The South African website from the Central Energy Fund (CEF), effective Friday, 11 October.

If the 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 – a decrease of 4 cents is expected for petrol 93 octane motorists and an increase of 6 cents for 95 users.

Meanwhile, diesel motorists would see something between a 7 and 8 cents per litre increase.

Finally, illuminating paraffin is expected to increase by 2 cents.

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 $78.01 a barrel.

Exchange rate

At the time of publishing the rand/dollar exchange rate is R17.46/$.

The final overall price changes for both petrol and diesel will be confirmed in the weeks ahead with the new prices taking effect at midnight on Tuesday, 5 November.

Go easy on the accelerator until then, Mzansi.

The current October 2024 petrol and diesel prices (Inland and Coastal):