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Africa|Energy|Petroleum|Resources|Road
Africa|Energy|Petroleum|Resources|Road
africa|energy|petroleum|resources|road

Fuel price to rise for first time in six months

Petrol pumps

Photo by Creamer Media

4th November 2024

By: Bloomberg

  

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South African fuel prices will increase for the first time in six months as rising international oil prices offset the impact of a stronger rand.

The retail cost of 95-octane petrol in Gauteng, the country’s economic hub, will advance 1.2% to R21.30 per litre from November 6, South Africa’s Central Energy Fund said in an emailed statement Monday. Diesel will climb for the first time in seven months, with the wholesale price rising 1.1%.

Higher international oil prices drove the increase, according to the CEF. Petrol and diesel prices are still lower than a year earlier, which means the move won’t contribute to a higher annual inflation rate in November. Fuel directly accounts for almost 5% of South Africa’s inflation basket.

The government has started discussions about “reducing administered prices” that include general fuel and Road Accident Fund levies, Minister of Mineral and Petroleum Resources Gwede Mantashe said last month.

The charges account for almost a third of the current retail price of a litre of fuel and are adjusted only once a year when the finance minister presents the budget in February.

Edited by Bloomberg

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