Initial audits from the Central Energy Fund paint a grim picture of the October Fuel Price. Here is how much both fuel grades could cost by the beginning of next month.
Unaudited data released by the Central Energy Fund shows a stark increase on the cards for both petrol and diesel by the start of next month. Petrol is expected to increase by around R1,20/L while diesel could potentially go up by as much as R2/L. Illuminating paraffin users will need to fork out an additional R1,84/L.
The AA states: “Should these significant increases materialise, they will push fuel prices to levels last seen in July last year, stretching the personal finances of South Africans even further. Higher fuel prices will invariably lead to higher prices at the till, and which will be a blow to many who are already experiencing financial distress.”
According to the data, the primary factor for the October fuel price is an increase in international oil prices which have been climbing substantially since August as a result of reduced output by major oil-producing countries. Doing South Africans no favours, the poor Rand to US Dollar exchange rate is further impacting the burgeoning price, albeit with much less significance.
The AA concludes: “The outlook is certainly bleak, although it has improved a little since the beginning of the month. With two more weeks before the official adjustment for October is made, South Africans will be hoping the downward trajectory continues. Although increases are now a certainty for October, the question will be by how much fuel prices will ultimately rise.”
With ever-increasing prices of fuel, have a look at some of our choices for pre-owned cars that won’t break the bank when needing to be filled up.