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 […]
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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