Mid-month data from the Central Energy Fund (CEF) showed that fuel prices could see significant increases in November on the back of the global energy crisis and a weaker rand.
The data made available by the CEF shows an under-recovery in both petrol and diesel prices, which points to a potential increase of between 95 and 98 cents per litre for petrol and over R1.40 per litre for diesel.
The mid-month changes are as follows:
- Petrol 95: increase of 98 cents per litre;
- Petrol 93: increase of 96 cents per litre;
- Diesel 0.05%: increase of R1.41 per litre;
- Diesel 0.005%: increase of R1.42 cents per litre;
- Illuminating Paraffin: increase R1.42 per litre.
The CEF has stressed that the daily snapshots are not predictive and do not cover possible changes like slate levy adjustments or retail margin changes.
Prices are affected by two main components – the rand/dollar exchange and changes to international petroleum product costs, primarily driven by oil prices.
Sources: BusinessTech
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