As September draws to a close, fuel price adjustments for October 2023 are looming and unaudited month-end data indicates that the price of petrol and diesel will increase substantially.

Motorists and the South African economy must brace for another consecutive fuel price increase for October 2023.

The upward trajectory of international oil prices in September is the main contributing factor for the increases, further deepened by a generally poor Rand-US Dollar performance during September 2023.

The latest data available from the Central Energy Fund points to the following potential increases:

Petrol 93 – up by about 77c per litre

Petrol 95 – up by about 83 c per litre

Diesel 0.05% – up by about R1.65 per litre

Diesel 0.005% – up by about R1.62 per litre

Illuminating Paraffin – up by about R1.50 per litre

The Automobile Association (AA) commented, “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”

The projected fuel price increases come at a difficult time for consumers who are already overburdened with the rapid rise in general living costs. The recent spell of increases will continue to put pressure on food inflation in the short term.

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

With the December holiday season fast approaching, motorists are advised to budget for further fuel prices increases. Motorists can also cut fuel costs by minimising trips through effective planning and by keeping their car in good mechanical condition while also making sure that tyres are correctly inflated to help reduce fuel consumption.

Predicted Fuel Price for October 2023

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