Diesel, Petrol Price to Increase in November: Impact on Local and International Factors.


Pretoria: Prices of all grades of fuel, including petrol and gas, are expected to rise this coming Wednesday, as announced by the Department of Mineral and Petroleum Resources (DMPR) on Monday. The increases are detailed as follows: Petrol 93 (ULP and LRP) and Petrol 95 (ULP and LRP) will see a 25c increase, Diesel (0.05% sulphur) a 21c increase, Diesel (0.005% sulphur) a 20c increase, Illuminating Paraffin (wholesale) a 21c increase, with the Single Maximum National Retail Price for illuminating paraffin rising by 28c, and the Maximum LPGas Retail Price increasing by 36c.

According to South African Government News Agency, a litre of 95 petrol, currently priced at R21,05 in Gauteng, will rise to R21,30 a litre as of Wednesday. Along the coast, the price of a litre of 95 petrol, currently R20,26 in October, will increase to R20,51 in November. The department has attributed these price adjustments to various international and local factors influencing the market for the month of November.

The department expla
ined that the average Brent Crude oil price increased from 72.82 US Dollars (USD) to USD 75.07 per barrel during the period under review. This increase is primarily due to the ongoing conflict in the Middle East and the stand-off between Iran and Israel. Additionally, the average international petroleum product prices have risen in line with the higher oil prices, resulting in higher contributions to the Basic Fuel Prices of petrol, diesel, and illuminating paraffin.

Furthermore, the Rand appreciated slightly on average against the US Dollar, moving from 17.68 to 17.53 Rand per USD during the review period. This appreciation led to lower contributions to the Basic Fuel Prices of all products by over 8.00 cents per litre, offering some relief in the overall increase in prices.