After a rare five-month streak of fuel price drops, November is set to see a reversal, bringing the first petrol and diesel increases since early 2024.
While the upcoming hikes are mild in comparison to the decreases we’ve enjoyed since June, they’re enough to make a dent in truckers’ budgets across South Africa.
According to the Central Energy Fund (CEF), South Africans can expect a rise of around 30 cents per litre for 95 Unleaded petrol and about 18 cents for 93 Unleaded.
Diesel will see increases of roughly 23 cents for 500ppm and 22 cents for 50ppm, on the back of recent market conditions.
These adjustments come just a month after October’s generous R1.14 decrease in petrol, which set fuel prices at their lowest since February 2022.
But keep in mind that the final numbers are still being calculated, and the Department of Mineral Resources and Energy will make the official announcement next week before the new rates take effect on November 6.
While fluctuations in global crude oil prices and the rand’s stability keep the outlook mild, the situation remains volatile.
Brent Crude has been sitting just under $73 per barrel after a significant 5% drop earlier this week, following Israel’s measured response to recent regional tensions without targeting energy facilities.
Read | Freight Companies Urge Government to Lower Fuel Taxes to Arrest Price Hikes
The rand, which has held steady at R17.66 to the dollar, also adds little pressure to this month’s forecasted hikes.
Truckers, fleet owners, and regular motorists alike will be watching closely as these figures confirm.
Given the current rand strength and stable global oil outlook, however, future hikes could stay on the conservative side if these trends hold into 2025.
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