The new prices come into effect on Wednesday, 6 October.<\/p>\n
Movement in prices is typically affected by two main factors \u2013 international petroleum costs, and the movement in the rand\/dollar exchange rate.<\/p>\n
The Department of Energy has published the official fuel price adjustments for October, showing a minimal petrol prices decrease for motorists at the pumps.<\/p>\n
Mid-month fuel price data showed a possible decrease in fuel prices; however, the key factors in determining costs reversed their beneficial positions over the last two weeks.<\/p>\n
Oil prices moved higher over the course of September, and jumped again on Monday following OPEC+\u2019s decision to maintain a gradual supply hike, Bloomberg reported.<\/p>\n
OPEC+ ministers ratified the 400,000 barrel-a-day supply hike scheduled for November, according to a statement from the group. The decision comes as the world\u2019s biggest oil company, Saudi Aramco, said the global natural-gas shortage has boosted demand for crude by 500,000 barrels a day.<\/p>\n
Vitol Group said that OPEC+ production policy will be the main factor influencing oil prices over the coming months.<\/p>\n
Brent Crude has climbed above $81 per barrel, while Goldman Sachs sees Brent at $90 a barrel by year-end.<\/p>\n
The rand continued to weaken gradually over the course of last month but has managed to stay below R15:00 against the dollar in recent sessions.<\/p>\n
According to the department, fuel prices will change as follows:<\/p>\n
The new prices come into effect on Wednesday, 6 October.<\/p>\n
Movement in prices is typically affected by two main factors \u2013 international petroleum costs, and the movement in the rand\/dollar exchange rate.<\/p>\n
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