{"id":501763,"date":"2021-06-28T15:45:53","date_gmt":"2021-06-28T13:45:53","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=501763"},"modified":"2021-06-28T15:53:29","modified_gmt":"2021-06-28T13:53:29","slug":"get-ready-for-higher-petrol-prices-in-july","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/energy\/501763\/get-ready-for-higher-petrol-prices-in-july\/","title":{"rendered":"Get ready for higher petrol prices in July"},"content":{"rendered":"<p>South African motorists should prepare themselves to pay more at the pumps in July, with month-end data from the Central Energy Fund (CEF) showing a sizeable under-recovery in fuel prices.<\/p>\n<p>The CEF data shows an under-recovery for all grades of petrol and diesel, pointing to an increase of between 17 and 29 cents per litre for petrol, and around 36 cents per litre for diesel.<\/p>\n<ul>\n<li><strong>Petrol 95<\/strong>: <span style=\"color: #ff0000;\">increase<\/span> of 17 cents per litre;<\/li>\n<li><strong>Petrol 93<\/strong>:<span style=\"color: #ff0000;\"> increase<\/span> of 29 cents per litre;<\/li>\n<li><strong>Diesel 0.05%:\u00a0<\/strong><span style=\"color: #ff0000;\">increase<\/span> of 37 cents per litre;<\/li>\n<li><strong>Diesel 0.005%:\u00a0<\/strong><span style=\"color: #ff0000;\">increase<\/span> of 36 cents per litre;<\/li>\n<li><strong>Illuminating Paraffin:<\/strong> <span style=\"color: #ff0000;\">increase<\/span> of 31 cents per litre.<\/li>\n<\/ul>\n<p>Fuel prices are officially calculated and adjusted on the first Wednesday of every month by the Department of Mineral Resources and Energy.<\/p>\n<p>July fuel price changes will come into effect on Wednesday (7 July), with the department gazetting the official changes sometime before then.<\/p>\n<p>The main driver behind the higher prices is the international oil price, which has surged significantly over the last month, leading to higher costs of petroleum products.<\/p>\n<p>Oil prices are holding near their highest level since 2018, trading at around $75 a barrel &#8211; up even further still from highs seen in mid-June.<\/p>\n<p>Prices have been driven by growing demand globally, as economies get back to business and populations get vaccinated against the Covid-19 virus.<\/p>\n<p>While the stronger rand vs the US dollar, managed to keep the effect of rising oil prices on local under-recoveries in check, the picture has changed.<\/p>\n<p>In recent weeks, the rand&#8217;s gains against the dollar have reversed, with the currency buckling from sub-R13.80 vs the dollar at mid-month, to around R14.25 vs the dollar at month-end.<\/p>\n<p>The currency is down more than 3% so far this month \u2013 among the worst emerging-market performers in June, <strong><a href=\"https:\/\/www.cnbcafrica.com\/2021\/emerging-markets-s-african-rand-leads-losses-as-covid-19-fears-grip-em\/\" target=\"_blank\" rel=\"noopener\">Reuters<\/a><\/strong> reported &#8211; and is now under continued pressure due to the level 4 lockdown restrictions which have been implemented for the next two weeks.<\/p>\n<p>While still contributing to an over-recovery in fuel prices, the gains from the rand\/dollar exchange rate are not large enough to balance out the under-recovery due to rising oil prices. This means that across-the-board increases for fuel are likely next week.<\/p>\n<p><a  data-lightbox=\"post-image\" href=\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2021\/06\/Rand-and-Product-prices-end-June.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-501769\" src=\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2021\/06\/Rand-and-Product-prices-end-June.png\" alt=\"\" width=\"1079\" height=\"690\" srcset=\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2021\/06\/Rand-and-Product-prices-end-June.png 1079w, https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2021\/06\/Rand-and-Product-prices-end-June-300x192.png 300w, https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2021\/06\/Rand-and-Product-prices-end-June-1024x655.png 1024w, https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2021\/06\/Rand-and-Product-prices-end-June-768x491.png 768w\" sizes=\"auto, (max-width: 1079px) 100vw, 1079px\" \/><\/a><\/p>\n<div class=\"bt_table\">\n<div class=\"table-responsive\"><table class=\"table\" width=\"100%\" cellspacing=\"0\" cellpadding=\"6\">\n<tbody>\n<tr>\n<th bgcolor=\"#CCCCCC\" width=\"40%\">Fuel (Inland)<\/th>\n<th style=\"text-align: center;\" bgcolor=\"#CCCCCC\" width=\"30%\"><a href=\"http:\/\/www.energy.gov.za\/files\/esources\/petroleum\/June2021\/Breakdown-of-Prices.pdf\">June official<\/a><\/th>\n<th style=\"text-align: center;\" bgcolor=\"#CCCCCC\" width=\"30%\">July expected<\/th>\n<\/tr>\n<tr>\n<td>95 Petrol<\/td>\n<td style=\"text-align: center;\">R17.13<\/td>\n<td style=\"text-align: center;\"><span style=\"color: #ff0000;\">R17.30<\/span><\/td>\n<\/tr>\n<tr>\n<td>93 Petrol<\/td>\n<td style=\"text-align: center;\">R16.91<\/td>\n<td style=\"text-align: center;\"><span style=\"color: #ff0000;\">R17.20<\/span><\/td>\n<\/tr>\n<tr>\n<td>0.05% Diesel (wholesale)<\/td>\n<td style=\"text-align: center;\">R14.66<\/td>\n<td style=\"text-align: center;\"><span style=\"color: #ff0000;\">R15.03<\/span><\/td>\n<\/tr>\n<tr>\n<td>0.005% Diesel (wholesale)<\/td>\n<td style=\"text-align: center;\">R14.71<\/td>\n<td style=\"text-align: center;\"><span style=\"color: #ff0000;\">R15.07<\/span><\/td>\n<\/tr>\n<tr>\n<td>Illuminating Paraffin<\/td>\n<td style=\"text-align: center;\">R8.77<\/td>\n<td style=\"text-align: center;\"><span style=\"color: #ff0000;\">R9.08<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<\/div>\n<hr \/>\n<p><strong>Read: <a href=\"https:\/\/businesstech.co.za\/news\/energy\/498419\/here-is-the-expected-petrol-price-for-july-3\/\" rel=\"bookmark\">Here is the expected petrol price for July<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>South African motorists should prepare themselves to pay more at the pumps in July, with month-end data from the Central Energy Fund (CEF) showing a sizeable under-recovery in fuel prices.<\/p>\n","protected":false},"author":10,"featured_media":262959,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9874],"tags":[26],"class_list":["post-501763","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-energy","tag-headline"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/501763","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=501763"}],"version-history":[{"count":8,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/501763\/revisions"}],"predecessor-version":[{"id":501793,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/501763\/revisions\/501793"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/262959"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=501763"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=501763"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=501763"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}