fuel price
Estimation of fuel prices going up. Image: shutterstock

Home » Fuel price: Forecast remains grim for October

Fuel price: Forecast remains grim for October

The mid-month fuel price projections from the CEF paint a dire picture for October 2023 for South Africa’s motorists.

fuel price
Estimation of fuel prices going up. Image: shutterstock

The mid-month fuel price projections from the Central Energy Fund (CEF) paint a grim picture for October 2023 for South Africa’s motorists.

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Note: This is an updated article with the latest petrol and diesel projections

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This news comes on the back of massive price hikes for both petrol and diesel earlier this month, as reported by The South African website.

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The reason for the increase is due to both Russia and Saudi Arabia cutting production recently and extending that decision until the end of 2023. As a result the dollar has strengthened against the rand.

Below, the latest projections as received by The South African website from the CEF, effective Monday, 18 September 2023.

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Petrol 93increase of 116 cents
Petrol 95increase of 124 cents
Diesel 0.05%increase of 197 cents
Diesel 0.005%increase of 189 cents
Illuminating Paraffinincrease of 180 cents

If these market conditions were to remain consistent for the remainder of the month – an unlikely scenario with the rand/dollar exchange rate ever fluctuating and the oil price changing – an increase of 116 cents is expected for petrol 93 octane motorists and an increase of 124 cents for 95 users.

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Meanwhile, diesel motorists would see something around a 189 to 197 cents per litre increase.

Finally, illuminating paraffin is expected to increase by 180 cents.

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1. The international price of petroleum products, driven mainly by oil prices

2. The rand/dollar exchange rate used in the purchase of these products

Oil price

At the time of publishing the brent crude oil price is $94.94 a barrel.

Exchange rate

At the time of publishing the rand/dollar exchange rate is R18.99/$.

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The final overall price changes for both petrol and diesel will be confirmed in the weeks ahead with the new prices coming into effect at midnight on Tuesday, 3 October.

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Go easy on the accelerator until then, Mzansi.

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The current SEPTEMBER 2023 petrol and diesel prices (Inland and Coastal):

Petrol 93R24.14
Petrol 95R24.54
Diesel 0.05%R23.05
Diesel 0.005%R23.28
Illuminating ParaffinR17.41
Petrol 93R23.42
Petrol 95R23.82
Diesel 0.05%R22.32
Diesel 0.005%R22.57
Illuminating ParaffinR16.49