Johannesburg – From Wednesday the price of fuel is going up with diesel prices increasing the most by R1.96 a litre.
The Department of Mineral Resources and Energy on Tuesday announced the following fuel price adjustments for October 2023:
- Diesel (0.05% sulphur): One hundred and ninety-six point seven cents per litre (196.70 c/l) increase,
- Diesel (0.005% sulphur): One hundred and ninety-three point seven cents per litre (193.70 c/l) increase;
- Illuminating Paraffin (wholesale): One hundred and fifty-one cents per litre (151.00 c/l) increase,
- SMNRP for IP: Two hundred and two cents per litre (202.00 c/l) increase,
- Maximum LPGas Retail Price: Two hundred and fifty cents per kilogram (250.00 c/kg) increase.
The fuel prices schedule for the different zones will be published on Tuesday, the 3 rd of October 2023.
Mineral Resources and Energy Minister Gwede Mantashe said the adjustment of fuel prices was based on current local and international factors with effect from the 4th of October 2023.
South Africas fuel prices are adjusted on a monthly basis, informed by international and local factors.
International factors include the fact that South Africa imports both crude oil and finished products at a price set at the international level, including importation costs, e.g., shipping costs.
The main reasons for the fuel price adjustments are due to increases of crude oil prices.
The average Brent Crude oil price increased from 84.78 US Dollars (USD) to 91.86 USD during the period under review.
The average international product prices of petrol, diesel, illuminating paraffin, and LPGas also increased during the period under review.
Another factor that affected pricing was that the rand depreciated on average, against the US Dollar (from 18.67 to 19.00 Rand per USD) during the period under review
The department believes that exploration and development of national oil and gas reserves could help moderate the impact of high prices in the long term.
