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Thursday, July 25, 2024

Petrol prices expected to drop by R1 while diesel goes up in October

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Petrol prices are expected to decrease next month while diesel prices are expected to go up, according to unaudited data from the Central Energy Fund (CEF).

The CEF data show that if final adjustments were made at the current state the price of 95-octane petrol would be decreased by R1.11 per litre and 93-octane by 99 cents a litre.

“The stronger rand undoubtedly contributed to the positive petrol price outlook as well as the lowering of the Brent crude oil price,” said economist Ulrich Joubert.

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Diesel prices are set to rise between 12 and 17 cents per litre, a major concern seeing that this is the fuel mainly used in the mining, manufacturing and agricultural sectors.

The last day for the review of the fuel prices is Thursday. Hereafter the department of energy and mineral resources needs to do the final calculations.

According to the CEF’s data, average lower international oil prices play a significant role in the expected decreases to petrol but less so in the case of diesel.

The formal process to de-regulate the price of petrol in South Africa has begun earlier this year.

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The Minister of Energy, Gwede Mantashe, published a short statement in the government gazette in which comments are sought on his plan to set a maximum price limit for 93-octane petrol.

This would allow retailers to sell petrol at discount prices and offer bundles or volume discounts, which are currently illegal.

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