Motorists may still face higher petrol costs in October, although a stronger rand and softer oil prices could help ease the pressure by the end of the month.
Figures from the Central Energy Fund (CEF) for the second week of September show petrol remains in an under-recovery position, while diesel has moved into over-recovery.
At this point petrol prices are tracking towards an increase of between 13 and 21 cents per litre. Diesel, by contrast, is set for a reduction of around 9 cents per litre.
While diesel’s recovery levels have moderated from the 22 cents per litre gain noted at the start of the month, petrol’s position has improved by roughly 8 cents per litre over the same period.
Projections at the end of the second week of September
- Petrol 93: up 11c per litre
- Petrol 95: up 19c per litre
- Diesel 0.05% (wholesale): down 9c per litre
- Diesel 0.005% (wholesale): down 9c per litre
- Illuminating paraffin: down 12c per litre
The global oil price remains the biggest influence, adding to petrol’s under-recovery while supporting diesel’s over-recovery. International product costs for petrol are slightly higher, feeding through to the basic fuel price.
Since early August, oil has been trading between US$62 and US$67 a barrel, with Brent Crude hovering around US$66. Prices have been weaker this year as international demand cools under trade tariffs, while supply has expanded due to higher Organization of the Petroleum Exporting Countries (Opec) + output.
