23rd February 2024 5:21 am
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Forecast indicates petrol prices to increase next month

  • A new forecast from the Central Energy Fund indicates that fuel prices will increase in November.
  • While there will be increases in the price of petrol and illuminating paraffin, the highest increases predicted will be coming to diesel.
  • This forecast comes as the US and Europe struggle with increasing diesel prices amid rising inflation and the war in Ukraine.

South Africans have been enjoying relatively stable petrol prices since August. Now it seems that global factors like the war in Ukraine and the Dollar-Rand exchange rate will once again influence a rise in fuel prices across the country, especially when it comes to diesel.

According to a newly published forecast (PDF) from South Africa’s Central Energy Fund Group (CEF), prices of fuel, including that of petrol, illuminating paraffin and especially diesel will increase in November.

While the CEF’s predictions are often slightly off, it benefits noting the increases, especially when taking into account global situations. In the US and Europe, diesel prices are currently soaring. With winter fast approaching in the northern hemisphere, Europe is desperately preparing itself to face the cold months without Russia’s combustibles.

France is facing a deepening crisis amid fuel tensions in Europe as motorists line up at the pumps for petrol. Recently, a nationwide strike for better salaries has all but paralysed the country’s seven fuel refineries. Bloomberg reports that 31 percent of petrol stations in the country are “running dry,” with the Paris region unable to supply fuel at 45 percent of its stations.

Rising inflation rates ahead of the season have been unkind to motorists even in sunny South Africa, where diesel has continued to be bought at higher prices than petrol. According to the CEF’s recent prediction, diesel prices will only worsen.

These are the CEF’s November fuel prices:

  • Petrol (95) to increase by 30 cents a litre,
  • Petrol (93) to increase by 41 cents a litre,
  • Diesel (0.05 percent) to increase by R1.45,
  • Diesel (0.005 percent) to increase by R1.48,
  • Illuminating paraffin to increase by 42 cents.

With possible fuel increases on the doorstep, South Africans look to be heading into another troubled holiday season with no end to other woes like loadshedding and water shortages.

The country is at Stage 2 loadshedding at the time of writing, but fortunately, that is set to decrease to Stage 1 at midnight on Friday.

[Image – CC 0 Pixabay]

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