After looking at the latest update for the forecasted October fuel prices, it all felt a bit like celebrating a goal that has been ruled out by VAR: Initially, there’s some joy – but then we are hit by a rather sobering realisation.
Do you want the good news, or the bad news? Here’s both…
October fuel prices: We’ve got the good news…
Based on the latest data from the Central Energy Fund, it looks like petrol consumers are on for yet another significant decrease in costs. With the value of oil slumping and the Rand holding its own in the international currency markets, the picture is largely rosy for millions of South Africans.
Current estimates suggest that both grades of petrol could fall by an amount between R1.36-per-litre to R1.45-per-litre. This would be an incredible relief for motorists, and those in coastal locations would go back to paying under R21-per-litre for the first time in months.
And the bad news…
However, we can’t reserve the same cheery tone for diesel prices. That’s because they are, sadly, projected to CONTINUE rising. The Central Energy Fund says the wholesale value could spike ‘by up to 74 cents-per-litre’.
This doesn’t just hit the general public hard, either. Most transport companies, supply chains, and major businesses run their vehicles on diesel engines. A forecast increase of 74 cents could push the price up towards a high of almost R25-per-litre.
Petrol down, diesel up according to estimated October fuel prices
The simple problem here is that diesel imports are facing more distribution hurdles than their petrol counterparts. Europe’s stand-off with Russia over its oil and gas supplies have largely limited the availability of diesel – at a time where demand for the fuel is surging in South Africa.
Alas, we may now have to accept that there will be a clear divide in fortunes for South Africans when the October fuel prices are confirmed, based on the type of fuel each individual uses. Here are the projected per-litre costs for all grades of petrol and diesel next month…
- Petrol 93: R20.96
- Petrol 95: R21.28
- Diesel wholesale: R24.05
- Petrol 93: R21.50
- Petrol 95: R21.93
- Diesel wholesale: R24.70
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