The forecast fuel price data suggest we could be in for a horrific increase in the price of all grades of fuels in September 2023.

The mid-month fuel price data has been released by the Central Energy Fund and it does not look good. Over the first half of the month, the Rand has tumbled against the dollar from below R18 to the Dollar to closer to R19 to the Dollar. This adversely affects our buying power of oil, which has also been on the rise since the beginning of the month.

The price of Brent Crude oil has steadily risen from $76 a barrel to $84 a barrel as of 16 August 2023. These 2 factors have combined for what could turn out to be some of the biggest price increases ever seen come the end of the month.

For now, at the halfway point in the month, petrol would rise by R1.41 per litre for 93 Octane and by R1.45 per litre for 95 Octane. The increase in diesel would be more significant as it stands. 500ppm diesel would increase by R2.60 per litre while 50ppm diesel would rise by R2.61 per litre.

Unless there is a significant improvement in the price of oil and the Rand/Dollar exchange rate in the next few weeks, we are in for some pain at the pumps come September.

Predicted Fuel Prices for September 2023