South African motorists are facing another major fuel price increase this week, with 95-octane petrol projected to move above R30 a litre for the first time.
News24 reports that the latest Central Energy Fund data points to a sharp increase when fuel prices change on Wednesday, 7 October.
The final prices still need to be confirmed by the Department of Mineral and Petroleum Resources.
Petrol could pass R30 a litre
According to month-end CEF projections reported by BusinessTech, 95 petrol was showing an under-recovery of R3.29 a litre, while 93 petrol was tracking at R3.08.
If those figures carry through to the final adjustment, 95 petrol could rise to about R30.21 a litre inland.
The Citizen, using the CEF’s final monthly update, reported a slightly lower projected increase of R3.21 for 95 petrol, which would take the inland price from R26.92 to about R30.13 a litre.
Both projections point to a new record.
Diesel also heading for a record
Diesel prices are also under heavy pressure.
BusinessTech reported a projected wholesale increase of R2.80 a litre for 0.05% sulphur diesel and R3.19 for 0.005% sulphur diesel.
eNCA reported that the lower-sulphur diesel grade could reach around R33.24 a litre, which would also be a record.
Diesel prices quoted in these projections are wholesale prices. Retail diesel prices can differ between filling stations.
International prices driving the increase
The Department of Mineral and Petroleum Resources explains that South Africa’s fuel prices are adjusted monthly using international and local factors.
The Basic Fuel Price is calculated daily, with under-recoveries building when the underlying fuel cost is higher than the price currently charged to motorists.
Recent reports have linked the October pressure largely to elevated international oil and petroleum product prices.
Motorists should treat the current figures as projections until the department publishes the official October adjustment ahead of Wednesday’s price change.