Slight increase in fuel price from 6 November
Motorists have gotten used to continued fuel-price decreases for five months, but from Wednesday will have to pay slightly more when filling up.
This increase in fuel price – between 20c and 25c per litre – is very small, especially when compared to last month’s decrease of between R5,58 and R6,96 per litre, depending on grade and type of fuel.
The main reason for this price adjustment is the increase in oil prices. The average price of a barrel of crude oil has increased from $72,82 to $75,07 per barrel. This is due to the conflict in the Middle East between Israel and Iran.
This caused an increase in the average international petroleum product prices. This led to higher contributions to the Basic Fuel Prices of petrol by 33,56 and 21,55 cents per litre; diesel by 30,33 and 28,58 cents per litre; and illuminating paraffin by 29,79 cents per litre, respectively.
The Rand appreciated slightly on average against the US Dollar – from R17,68 to R17,53 per USD – during the period under review. This led to lower contributions to the Basic Fuel Prices of all products by more than 8c per litre.
The cumulative slate amounted to a positive balance of R5,6 billion (up from R3,84bn) for petrol and diesel as at the end of September 2024. Therefore, the slate levy of zero cents per litre remains in the price structures of petrol and diesel with effect from 6 November 2024.
The fuel prices will be adjusted as follows from 6 November 2024:
Petrol 93 ULP & LRP: Increase of 25c/l
95 ULP & LRP: Increase of 25c/l
Diesel 500ppm: Increase of 21c/l
Diesel 50ppm: Increase of 20c/l
Illuminating paraffin: Increase of 25c/l on the wholesale price
Illuminating paraffin: Increase of 28c/l on the suggested retail price
LPGas: Increase of 36c/kg on the maximum retail price.
This adjustment would mean an increase of between R11,00 and R13,75 on a 55-litre tank of fuel.
Fuel prices hit a high in July 2022 when the inland price for 93ULP hit R26,31/l, R26,78/l for 95ULP, and the wholesale price for 50ppm diesel was R25,40 per litre. From Wednesday consumers will still be paying between R5,33 and R6,76 per litre less than in July 2022.
