Motorists can expect a hike in fuel prices at the end of October 2016.

The Automobile Association (AA) has stated that fuel prices in South Africa are likely to increase at the end of October, citing unaudited mid-month data released by the Central Energy Fund (CEF).

"There has been a definite appreciation in oil prices since OPEC resolved to cut oil production. The international price of petrol has climbed from 136 US cents per gallon to 148 cents since 27 September. Despite the Rand's gradual appreciation against the US dollar over the same period, there has been a substantial impact on what South Africans are likely to be paying at the pumps next month” the AA said.

Consumers can expect the price of petrol to increase by about 48 cents per litre while the price of diesel is expected to increase by 64 cents per litre.

Expected Petrol Price

Reef – 93: R12.82 / 95: R13.08 / LRP: R12.82

Coast – 93: R12.44 / 95: R12.60 / LRP: R12.60

Expected Diesel Price

Reef – 0.05%: R11.37 / 0.01%: R11.40

Coast – 0.05%: R10.97 / 0.01%: R11.02

The AA also stated that the Rand’s recent fall, due to the NPA’s decision to charge Finance Minister, Pravin Ghordan with fraud, is yet to be collated into the data before the end of the month and could have further negative consequences for fuel prices in November.

The AA concluded that“Our hope is that the matter will be brought to a swift conclusion to reduce the tensions our markets are currently experiencing, and to bring more stability to our economic outlook.”

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