Next week, fuel prices are expected to undergo significant increases, affecting consumers across South Africa.
Diesel prices are set to rise sharply for the fourth consecutive month, while petrol and illuminating paraffin prices will experience their third consecutive month of hikes.
According to unaudited data from the Central Energy Fund (CEF), diesel is projected to increase by approximately R1.60 per litre.
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Petrol, on the other hand, is expected to see an increase of between 75c and 80c per litre, depending on the grade.
Furthermore, illuminating paraffin prices are predicted to rise by more than R1.50 per litre.
These price hikes can largely be attributed to the surge in international oil prices, with Brent crude oil surpassing $90 per barrel this month, a level not seen since October of last year.
The CEF’s recent data reveals that up to 80% of the petrol price increase can be directly attributed to higher oil prices.
Similarly, oil prices account for up to 86% of the projected diesel price increase, according to the Automobile Association (AA).
The AA has voiced concern over the anticipated fuel price hikes, recognizing the impact it will have on consumers.
“These increases are going to hit all consumers hard, and they come at a time when most South Africans are feeling extreme financial pressure,” the AA stated.
