Official fuel price increase announced for November

The Department of Petroleum and Mineral Resources has announced the official fuel price changes set to take effect on Wednesday, November 6, 2024.

In October, both a weaker rand compared to September and a sharp increase in global diesel prices led to under-recoveries in petrol and diesel costs.

This has resulted in a slight price increase at the pumps, ending a five-month run of consecutive price cuts.

Petrol prices will rise by 25 cents per litre, while diesel will see an increase of between 20 and 21 cents per litre.

From November 6 the following fuel prices will apply:

INLAND

• 93 ULP: R20.98
• 95 ULP: R21.30
• Diesel (500ppm): R18.66
• Diesel (50ppm): R18.77

COASTAL

• 95 ULP: R20.51
• Diesel (500ppm): R17.87
• Diesel (50ppm): R18.01

The main reason for the fuel price adjustments are the increase in average international product prices for petrol, diesel and illuminating paraffin during the period under review. The rand appreciated 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 September 27 2024 to October 31 2024 was 17.5301 compared to 17.6723 during the previous period. This led to a lower contribution to the basic fuel prices on petrol, diesel and illuminating paraffin by 8.34c/l, 8.49c/l and 8.49c/l respectively.

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