Fuel shocker: Petrol and diesel prices head for new records

South Africans could face record fuel prices in October, with petrol and diesel increases now projected to be significantly higher than earlier estimates.

The latest Central Energy Fund (CEF) data points to increases of R3.12 a litre for 95 Unleaded petrol and R2.83 for 93 Unleaded. Diesel could rise by between R2.73 and R3.13 a litre.

The increases could push 95 petrol to around R29.17 a litre at the coast and R30.04 inland, while 93 petrol could reach about R29.75.

Diesel prices could climb to around R30.96 at the coast and R31.84 inland.

The latest projections are significantly higher than estimates from two weeks ago, when petrol increases of about R2.40 and diesel increases of between R2.04 and R2.40 were forecast.

The sharp increases are being driven by high international oil prices, with Brent crude trading around $106-$107 a barrel on Tuesday amid heightened tensions in the Middle East.

The Slate Levy, which adjusts for fluctuations in international oil prices, could also add further pressure to October fuel prices.

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Source: African Insider