Looming fuel hikes expected in the coming week

Diesel prices are expected to increase for the fourth consecutive month when fuel prices are adjusted for October.

In a statement on Friday, the Automobile Association (AA) says it is expecting that petrol and illuminating paraffin prices will also increase – both for the third consecutive month.

According to the current forecast, diesel is expected to increase by around R1.60/litre, while petrol is expected to increase by between 75c/l and 80c/l depending on the grade. Illuminating paraffin is expected to rise by more R1.50/l.

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“As was the case with the previous increases, these latest significant adjustments are mainly attributable to rising international oil prices.

“While the weaker Rand/US Dollar exchange is also playing a role in the hikes for all fuels, its contribution is less substantial than the international product prices,” notes the AA.

AA further states that it was also expecting ULP95 petrol in Gauteng will rise above R25/l and at the coast above R24/l for the first time since August last year.

“These increases are going to hit all consumers hard and they come at a time when most South Africans are feeling extreme financial pressure.

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“It remains concerning, however, that in the face of these increases, government remains silent on its plans, if there are any, on a way forward to deal more effectively with fuel price increases,” notes the Association.