According to the Central Energy Fund (CEF), the petrol price in South Africa is set to increase next week Wednesday despite a slight over-recovery in petrol prices. Although the over-recovery may result in a smaller increase than initially projected, motorists are still expected to pay more at the pumps.
The CEF had originally predicted an increase of between 76 and 84 cents per litre for petrol prices, but the latest data suggests a hike of 60 cents per litre for 95 Unleaded petrol and 65 cents per litre for 93 Unleaded. However, if the over-recovery continues, the increase may be reduced to between 40 and 50 cents per litre by the time the Department of Energy (DOE) finalises prices at the end of the week.
As a result, motorists can expect to pay around R22.82 for 95 Unleaded petrol at the coast and R23.47 inland, while 93 Unleaded is set to rise to around R23.14. The increase is attributed to the Rand/Dollar exchange rate and the rising global oil prices, which have reached $81 a barrel.
Despite the over-recovery, the DOE has cautioned that the daily CEF snapshots are not definitive and other factors such as slate levy adjustments or retail margin changes may still impact fuel prices. Diesel drivers, on the other hand, can expect a decrease in fuel prices next week, with data indicating an over-recovery and a reduction of 28 cents per litre for 50ppm diesel and 54 cents per litre for 500ppm diesel.
This follows a cut in diesel prices of 73.58c/litre at the beginning of April, while 93 Unleaded petrol was reduced by 1c/litre.Overall, the petrol price in South Africa remains volatile due to the fluctuating Rand/Dollar exchange rate and global oil prices. While the latest CEF data suggests a small over-recovery in petrol prices, motorists are still expected to pay more at the pumps next week.
However, diesel drivers can look forward to a decrease in fuel prices. It is important to note that the daily CEF snapshots are not definitive and other factors may still impact fuel prices when they are determined by the DOE.
