Consumers will come under increasing financial pressure this week with all grades of petrol rising at the pumps on Wednesday (4 October), the Energy Department has said.
The price of 93 and 95 octane petrol will rise by 25 cents and 29 cents, respectively.
The price of diesel meanwhile, will rise by 42 cents per litre and the wholesale price of illuminating paraffin will increase by 39 cents, the department said.
It said that the average international product prices of petrol, diesel and illuminating paraffin increased during the period under review.
The average rand/US dollar exchange rate for the period 01 September 2017 to 28 September 2017 was R13.13 compared to R13.22 during the previous period.
This led to a lower contribution to the Basic Fuels Price on petrol, diesel and illuminating paraffin by 3.86c/l, 3.78c/l and 3.76c/l respectively, the department said.
More hikes coming
Stronger international oil prices and a weakening rand combined to drive fuel prices higher in October, and more hikes are “almost inevitable” before the end of the year, the Automobile Association (AA) said last week.
“The first half of September saw the rand appreciate against the US dollar, but this trend has been reversed since September 12, with the weaker currency eating into its earlier gains,” the AA said.
“The current rand trend is strongly weaker, and we expect it to have an even bigger impact on fuel users in the medium term.”
Meanwhile, international fuel prices continued their run, having gradually climbed throughout September.
“With the USA eyeing interest rate increases, and global oil markets remaining buoyant, our view is that further fuel price hikes are almost inevitable before year end,” it said.
Here’s are the official prices for October:
|Fuel||September official||October official|
|0.05% Diesel (wholesale)||R11.71||R12.13|