Fuel Price Likely To Increase in November After Months of Cuts, Current Data Shows
- Current predictions suggest a likely petrol price increase in November 2024 after a run of consecutive cuts
- Data from the Central Energy Fund (CEF), which calculates petroleum prices daily, showed the likely increase
- South Africa enjoyed five decreases in the past five months, but a weaker rand, among others, changed the odds
Source: Twitter
JOHANNESBURG — South African motorists have had a good run at the fuel pump for the past five months, but the nagging question of when, not if, this luck would end was always on consumers' minds.
That answer comes as current Central Energy Fund (CEF) data indicated a likely price increase for November 2024.
Fuel expected to increase in November
The CEF calculates petroleum product prices daily on behalf of the government.
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Contrary to earlier data on 4 October, the projections now painted an eerie picture after South Africa's first fuel cut since January kicked in on 7 August.
And with less than three weeks until the adjustment is effected, it's safe to say the prospects of a decrease seem farfetched.
The prices were mainly influenced by crude oil prices and rand/dollar exchange rate movements, which impacts South Africa.
If the data remains unchanged for the rest of October, motorists can expect an increase of 8 cents for petrol 93 octane and 20 cents for 95 users.
Meanwhile, diesel could see an increase between 15 and 17 cents per litre, while an increase of 10 cents beckons for illuminating paraffin.
The Mineral Resources and Energy department will communicate the final prices on 6 November. Fuel adjustments come into effect at midnight on the first Wednesday of each month.
GNU determined to improve cost of living
In a related news item, Briefly News reported that Mineral Resources Minister Gwede Mantsashe has unveiled the National Unity Government's (GNU) plans for the future of South Africa's energy consumption.
Mantashe announced that the government was considering reducing fuel and electricity administered prices.
He made the bold pronouncements on Tuesday, 8 October 2024, while speaking during the Africa Oil Week (AOW) 2024 at the Cape Town International Convention Centre (CTICC).
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Source: Briefly News
