Diesel is set to soar to an unprecedented R33.24 per litre, marking a significant escalation in costs for consumers across the country. According to eNCA, the combination of surging oil prices and a weaker Rand is driving these record adjustments, with the Central Energy Fund projecting an increase of R3.29 for 95 unleaded petrol and R3.19 for lower sulphur diesel.
This spike represents a severe financial strain on household budgets and business operations reliant on transportation. News24 reports that the fuel shock may also increase the likelihood of an interest rate hike in November as inflationary pressures mount. The rise in diesel is specifically attributed to global refinery shortages, ongoing geopolitical tensions, and potential restrictions on exports.
While Brent crude oil recently dropped by approximately 3% to trade below $100 per barrel, eNCA notes that this international movement will not prevent the domestic price hikes scheduled for the coming week. The increases are expected to push 95 unleaded petrol prices above the R30 mark in Gauteng for the first time in history.
These adjustments follow previous record highs established earlier this year. Fuel price changes are implemented on the first Wednesday of each month, with the current increases taking effect starting next week as per the established regulatory cycle.