Indications are that there will be a petrol price hike in December, but the news on both that and the diesel front is improving each day.
While it is still too early in the month to accurately predict what lies ahead for diesel and petrol prices in December, the latest data available from the Central Energy Fund – as of 21 November – shows contrasting signs.
Fluctuations in international product prices and rand weakness show the following under-recoveries (price increases) for petrol and over-recoveries (price decreases) for diesel:
|Petrol 93||increase of 64 cents per litre|
|Petrol 95||increase of 75 cents per litre|
|Diesel 0.05%||decrease of 92 cents per litre|
|Diesel 0.005%||decrease of 84 cents per litre|
|Illuminating Paraffin (wholesale)||decrease of 4 cents per litre|
If these market conditions persist for the remainder of November, a hike is on the cards for December for petrol users of between 64 to 75 cents, while diesel motorists could face a 84 to 92 cents per litre decrease.
FUEL PRICE IN MZANSI IMPACTED BY TWO MAIN FACTORS:
1. The international price of petroleum products, driven mainly by oil prices
2. The rand/dollar exchange rate used in the purchase of these products
At the time of publishing the rand/dollar exchange rate is R17.30/$.
Global oil prices have remained below $100 a barrel in recent months, but have climbed from a low point of around $83 a barrel at the start of the October.
At the time of publishing the brent crude oil price is $88.31 a barrel.
The final overall price changes for both petrol and diesel will be confirmed in the coming weeks with the new prices coming into effect at midnight on Tuesday, 6 December.
Go easy on the accelerator until then, Mzansi.
The current prices at the pumps (Inland and Coastal):
|0.05% diesel (wholesale)||R24.06||R25.49|
|0.005% diesel (wholesale)||R24.31||R25.75|
|0.05% diesel (wholesale)||R23.41||R24.84|
|0.005% diesel (wholesale)||R23.67||R25.11|