Business
Fuel likely to increase in November─── 15:54 Mon, 17 Oct 2022
Consumers should brace themselves for more expensive fuel in November, as mid-month data from the Central Energy Fund (CEF) is showing increases in all fuels are likely in the new month, says the Automobile Association (AA).
The main contributor to the increases is higher on-average international oil prices, and to a lesser extent, the weaker Rand.
“The current data shows petrol is expected to increase between 41 and 51 cents a litre but the real concern now is the likely increases to diesel prices. The data shows diesel will climb by around R1.60/l, a substantial increase in this fuel’s price. The impact of such an increase on ordinary citizens will be significant,” says the association.
The association says that because diesel is a significant input cost in many sectors, an increase in this fuel's price will ultimately hurt consumers as manufacturers pass the increases down the line.
The association says this is preliminary data and will change before the end of the month.
“While these figures may change, we don’t expect a reversal; prices are still likely to go up in November. For now, it’s just the quantum of those increases that are in question now,” concludes the AA.
