The latest data now suggests that South Africa’s motorists could be in for some pain at the pumps in early November as the oil price continues to rise.
As reported by The South African website, petrol and diesel vehicle owners in Mzansi enjoyed a big cut in the cost of petrol and diesel last week.
While the current petrol and diesel numbers still suggest another cut lies ahead next month, the numbers aren’t nearly as promising as last week.
The numbers have taken a turn for the worse in recent days as the rand depreciated against the dollar and the price of oil continues to rise thanks to continued unrest in the Middle East.
Below, the latest projections as received by The South African website from the Central Energy Fund (CEF), effective Monday, 7 October.
| FUEL | PRICE CHANGE |
| Petrol 93 | decrease of 45 cents |
| Petrol 95 | decrease of 39 cents |
| Diesel 0.05% | decrease of 34 cents |
| Diesel 0.005% | decrease of 34 cents |
| Illuminating Paraffin | decrease of 39 cents |
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 45 cents is expected for petrol 93 octane motorists and a decrease of 39 cents for 95 users.
Meanwhile, diesel motorists would see something around a 34 cents per litre decrease.
Finally, illuminating paraffin is expected to decrease by 39 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 $79.53 a barrel.
Exchange rate
At the time of publishing the rand/dollar exchange rate is R17.45/$.
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):
| INLAND | October |
| Petrol 93 | R20.73 |
| Petrol 95 | R21.05 |
| Diesel 0.05% | R18.45 |
| Diesel 0.005% | R18.57 |
| Illuminating Paraffin | R12.66 |
| COASTAL | October |
| Petrol 93 | R19.94 |
| Petrol 95 | R20.26 |
| Diesel 0.05% | R17.66 |
| Diesel 0.005% | R17.81 |
| Illuminating Paraffin | R11.66 |
