fuel price update
Fuel price projections for July. Photo: Wikimedia Commons

Home » Fuel price update: Bad petrol and diesel news for next week

Fuel price update: Bad petrol and diesel news for next week

The new petrol and diesel prices for August 2023 will take effect from next week. Sadly, the latest numbers from the Central Energy Fund (CEF) don’t paint a pretty picture. Below, the latest projections as received by The South African website from the CEF, effective Monday, 24 July 2023. ALSO READ | REMINDER | Interest rate: How much your bond costs every month […]

25-07-23 14:13
fuel price update
Fuel price projections for July. Photo: Wikimedia Commons

The new petrol and diesel prices for August 2023 will take effect from next week. Sadly, the latest numbers from the Central Energy Fund (CEF) don’t paint a pretty picture.

Below, the latest projections as received by The South African website from the CEF, effective Monday, 24 July 2023.

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FUEL PRICE CHANGE
Petrol 93 increase of 19 cents
Petrol 95 increase of 25 cents
Diesel 0.05% increase of 59 cents
Diesel 0.005% increase of 59 cents
Illuminating Paraffin increase of 59 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 19 cents is expected for petrol 93 octane motorists and an increase of 25 cents for 95 users.

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Meanwhile, diesel motorists would see something around a 59 cents per litre increase.

Finally, illuminating paraffin is expected to increase by 59 cents.

FUEL PRICE IN SOUTH AFRICA IMPACTED BY TWO MAIN FACTORS:

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 $82.39 a barrel.

Exchange rate

At the time of publishing the rand/dollar exchange rate is R17.69/$.

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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, 1 August.

Go easy on the accelerator until then, Mzansi.


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

INLAND July
Petrol 93 R22.06
Petrol 95 R22.46
Diesel 0.05% R19.49
Diesel 0.005% R19.81
Illuminating Paraffin R13.92
COASTAL July
Petrol 93 R21.34
Petrol 95 R21.74
Diesel 0.05% R18.76
Diesel 0.005% R19.10
Illuminating Paraffin R13.00

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