Record petrol price hike hits South African motorists from Wednesday

South African motorists will face a significant increase in fuel prices starting Wednesday, with 95 unleaded petrol in Gauteng reaching a record high of R30.25 per litre. The Central Energy Fund (CEF) announced a R3.33 per litre hike for 95 petrol, marking the highest price ever recorded in the province, surpassing the previous peak of R28.06 per litre in June. The price of 93 petrol will also rise by R3.12 per litre to R29.88, while diesel prices will increase by R2.84 per litre for 0.05% sulphur diesel and R3.24 per litre for 0.005% sulphur diesel.

The increases, effective from 7 October, are driven by higher international product prices for petrol, diesel, and illuminating paraffin. The CEF noted that the average Brent crude oil price rose from $87.89 to $101 during the review period, attributed to factors such as US/Iran tensions and supply shortages. The rand's slight appreciation against the US dollar provided only a marginal reduction in the basic fuel price contribution.

Additionally, the combined cumulative petrol and diesel slate balance at the end of August was a negative R10.456 billion. A slate levy of 87.66 cents per litre will be incorporated into the petrol and diesel price structures from 7 October, an increase of 4.38 cents from the previous 83.28 cents. The CEF's historical price data underscores the unprecedented nature of these price hikes, highlighting the financial strain on South African consumers.