The latest fuel price prediction for August 2023 point to a steep hike in petrol and diesel prices next week. Photo: iStock
Despite a volatile Rand and steep international oil prices, the latest daily snapshot from the Central Energy Fund (CEF) shows a small over-recovery in petrol prices. Unfortunately for motorists, this still translates into a price hike from next week Wednesday at the pumps.
At this point, increases of 60 cents per litre for 95 Unleaded petrol and 65 cents per litre for 93 Unleaded are on the cards. This in comparison to the CEF’s mid-month data which projected increases between 76 and 84 cents per litre for petrol prices.
If the over-recovery persists until the end of the week when prices are finalised by the Department of Energy (DOE), motorists could even save a few more cents as the increases might dip to between 40 and 50 cents.
A 50 cent petrol price increase will raise the cost of 95 Unleaded to R22.82 at the coast and R23.47 inland, where 93 Unleaded will rise to around R23.14.
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Diesel drivers are in line for yet another cut to fuel prices, with data pointing to an over-recovery and decreases of 28 cents per litre for 50ppm and 54 cents per litre for 500ppm.
At the beginning of April, the diesel price was cut by 73.58c/litre and and 93 Unleaded petrol by 1c/litre.
Fuel price adjustments are basically determined by two main factors: The Rand/Dollar exchange and global oil prices.
South Africa’s Rand remains on the back foot, trading above R18 to the Dollar while the global oil price have climbed to $81 a barrel.
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The DOE has previously stressed that the daily CEF snapshots are not predictive and do not cover other potential changes like slate levy adjustments or retail margin changes which could come into play when the fuel price is determined.
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