Bad petrol and diesel price news for November 2024

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The latest data still suggests that South Africa’s motorists are in for a fuel price hike next week.

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 worsening by the day with just over a week 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, 25 October.

FUEL	PRICE CHANGE
Petrol 93	increase of 18 cents
Petrol 95	increase of 30 cents
Diesel 0.05%	increase of 23 cents
Diesel 0.005%	increase of 22 cents
Illuminating Paraffin	increase of 20 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 – an increase of 18 cents is expected for petrol 93 octane motorists and an increase of 30 cents for 95 users.

Meanwhile, diesel motorists would see something between a 22 and 23 cents per litre increase.

Finally, illuminating paraffin is expected to increase by 20 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 $71.12 a barrel.

Exchange rate

At the time of publishing the rand/dollar exchange rate is R17.66/$.

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.