The Department of Mineral Resources and Energy (DMRE) has announced that petrol and diesel prices will increase from 6 November.
Here are the official changes:
Petrol 93: Increase of 25 cents per litre
Petrol 95: Increase of 25 cents per litre
Diesel 0.05%: Increase of 21 cents per litre
Diesel 0.005%: Increase of 20 cents per litre
At the beginning of October, fuel prices were reduced to their lowest levels since February 2022. This was due to the supply chain disruptions and restricted imports of Russian crude oil caused by Russia’s invasion of Ukraine, which had previously pushed oil prices to multi-year highs.
Despite softer international oil prices in the final week of November, which have mitigated the impact on consumers, the DMRE confirmed that both 95 Unleaded and 93 Unleaded petrol will see a 25 cents per litre increase.
These changes will bring the price of 95 Unleaded to R20.51 at the coast and R21.31 in inland regions, while 93 Unleaded will reach R20.98 in inland areas.
The Automobile Association noted that the mid-October spike in international oil prices largely drove November’s fuel price increases.
However, softer prices towards the end of the month and a slightly stronger rand (averaging R17.53/$ compared to R17.68 in September) helped reduce the under-recovery by about eight cents per litre.
Despite this, the stronger oil price outweighed the benefits of the stronger rand.
These upcoming price hikes follow five consecutive months of fuel price decreases, which had brought both petrol and diesel to their lowest levels since February 2022.
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