The Department of Mineral Resources and Energy has published the official fuel price adjustments for November, showing a substantial petrol price hike for motorists at the pumps from Wednesday, 3 November.<\/p>\n
The energy department said that the average international product prices for petrol, diesel and illuminating paraffin increased during the period under review.<\/p>\n
Prices are affected by two main components \u2013 the rand\/dollar exchange rate and charges to international petroleum product costs, primarily driven by oil prices.<\/p>\n
“The rand depreciated against the US dollar during the period under review, on average, when compared to the previous period. The average rand\/US dollar exchange rate for the period 01 October 2021 to 27 October 2021 was R14.8175 compared to R14.5654 during the previous period,” it said in a statement.<\/p>\n
Brent crude oil meanwhile, has soared this year as economies recover from the pandemic and amid an energy squeeze marked by shortages of gas and coal, Bloomberg reported.<\/p>\n
Bank of America said it expects Brent crude to hit $120 a barrel next year. Brent crude futures settled up 99 cents, or 1.1% on Monday, to $84.71 a barrel.<\/p>\n
These factors led to a higher contribution to the basic fuel prices on petrol, diesel and illuminating paraffin by 15.93 c\/l, 15.53 c\/l and 15.42 c\/l respectively.<\/p>\n
Petrol will rise by R1.21 a litre, while the price of diesel (0.05% and 0.005% sulphur) will rise by 148.2 cents a litre, the department said.<\/p>\n
The changes are as follows:<\/p>\n
Slate levy<\/strong><\/p>\n The combined cumulative petrol and diesel slate balances at the end of September 2021 amounted to a negative balance of R1.657 billion.<\/p>\n The department said that in line with the provisions of the self-adjusting slate levy mechanism, a slate Levy of 15.36 c\/l (increase of 2.2 c\/l) will have to be implemented into the price structures of petrol and diesel with effect from 03 November 2021.<\/p>\n Petrol has climbed by more than R5 per litre since January (R14.01)<\/span><\/span><\/span>, to what will be a record high in November.<\/p>\n This is how the price changes will reflect at the pumps:<\/p>\n\n\n
\n Fuel (Inland)<\/th>\n October official<\/th>\n November official<\/th>\n<\/tr>\n \n 95 Petrol<\/td>\n R18.33<\/td>\n R19.54<\/td>\n<\/tr>\n \n 93 Petrol<\/td>\n R18.11<\/td>\n R19.32<\/td>\n<\/tr>\n \n 0.05% diesel (wholesale)<\/td>\n R15.72<\/td>\n R17.19<\/td>\n<\/tr>\n \n 0.005% diesel (wholesale)<\/td>\n R15.75<\/td>\n R17.23<\/td>\n<\/tr>\n \n Illuminating Paraffin<\/td>\n R9.80<\/td>\n R11.25<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<\/div>\n
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