Business owners and motorists will have to fork out even more for fuel when the latest price hikes take effect at midnight on Tuesday.
The Central Energy Fund (CEF) announced the latest raft of fuel price hikes on behalf of the Department of Minerals and Energy in a statement on October 28, confirming motorists’ fears of yet another massive petrol and diesel price increase.
According to the CEF, the price of both grades of petrol - 93 and 95 - will increase by 51 cents per litre, while the price of diesel (0.05% sulphur) will go up by R1.42 and the price of diesel (0.005% sulphur) will rise by R1.43. The wholesale price of illuminating paraffin will increase by 77 cents wholesale, while the retail price will rise by R1.03.
The latest price hikes bring the Gauteng price of 93 and 95 Petrol to R22.57 and R22.87 respectively, and the price of diesel (0.05%) and diesel (0.005%) to R25.49 and R35.75 respectively. The prices take effect from November 2.
The CEF attributed the price hikes to rising international fuel prices and the weakened rand.
“The average international product prices for petrol, diesel and illuminating paraffin increased during the period under review. The rand depreciated against the US dollar during the period under review, on average, when compared to the previous period,” the CEF said.
“The average rand/US dollar exchange rate for the period September 30 to October 27 was 18.1099 compared to 17.5547 during the previous period. This led to a higher contribution to the basic fuel prices on petrol, diesel and illuminating paraffin by 37.55 c/l, 51.43 c/l and 48.02 c/l respectively,” the CEF said.
It added that the combined cumulative petrol and diesel slate balances at the end of September amounted to a negative balance of R8.120 billion.
“In line with the provisions of the Self-Adjusting Slate Levy Mechanism, a Slate Levy of 70.14 c/l (decrease of 13.14 c/l) has been implemented into the price structures of petrol and diesel with effect from 02 November 2022,” the CEF said.
