As we begin a new month, it’s worth noting that the Department of Mineral Resources and Energy has recently declared an increase in fuel prices. This increase can be attributed to a combination of factors, both local and international. Here is how much all grades of fuels have increased for motorists in SA for October.
Primarily, it’s linked to the fluctuations in the price of crude oil and the exchange rate between the rand and the dollar. Here’s how much fuel has increased by for the month of October.
October petrol and fuel price hike according to the DMRE:
- Petrol 93 – Increase of R1,08 per litre
- Petrol 95 – Increase of R1,14 per litre
- Diesel 0,05 – Increase of R1,97 per litre
- Diesel 0,005 – Increase of R1,94 per litre
- Illuminating Paraffin (wholesale) – Increase of R1,51 per litre
- Illuminating Paraffin (SMNRP) – Increase of R2,02 per litre
- Liquid Petroleum Gas – Increase of R2,50 per litre
This means that 93 Unleaded will rise to R25,22 and 95 Unleaded will cost R24,96 at the coast and R25,68 inland per litre. The stark increase in diesel prices now has 0,005 at R24,51 at the coast and R25,22 inland while 0,05 will cost R24,29 and R25,01 between the coast and inland regions. Important to note that this excludes diesel’s retain margin since it is an unregulated fuel, which is usually around R2.
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The Department of Mineral Resources and Energy (DMRE) has attributed the recent petrol and diesel price increases to a combination of international and local factors. Notably, elevated global oil prices have driven up the costs of petroleum products, while a global diesel shortage has further compounded price pressures. Additionally, the weakening of the rand against the US dollar has contributed an additional 22-26 cents per litre.
The actual price increase turned out to be higher than earlier predictions. Initial indications had suggested increases of slightly over 80 cents for petrol and a substantial hike of R1.65 for diesel. The DMRE explained that a Slate Levy of approximately 30 cents was introduced as part of a self-adjusting mechanism to offset daily fluctuations in oil prices during the previous month.