South Africa's Fuel Prices Set for Record Hike as October Increases Loom

South Africans are bracing for record fuel prices next month, as experts warn of another round of increases. The current price of 95 Unleaded at the coast stands at R26.05 per litre, but is set to skyrocket by R2.78. This would push the price up to R28.83, surpassing the previous highest high mark of R28.06 in June. The Brent crude oil price has retreated recently, but its current level above $100 per barrel - trading at $101.08 on Monday - is unlikely to shield consumers from the impending fuel-price hikes.

Data currently points to increases of up to R2.78 per litre for petrol and R3.00 per litre for diesel. The government has no immediate intervention planned to cushion households and businesses from rising fuel costs, as confirmed by Mineral and Energy Minister Gwede Mantashe in Parliament recently. This means that domestic fuel prices lag international price movements by around a month, limiting the impact of recent declines in oil prices.