Cape Town – The Central Energy Fund’s early month data suggests that significant increases in petrol and diesel prices are likely for September.
According to IOL, The data indicates that 95 Unleaded petrol could rise by around R1.26 per liter, and diesel could increase by about R2.50 per liter.
However, current daily data shows even higher increases, with petrol potentially rising by more than R1.50 per liter.
If trends continue, the price of 95 Unleaded petrol could reach around R23.60 at the coast and R24.33 inland.
These figures are subject to change until the official prices are announced by the Department of Mineral Resources and Energy at the end of the month.
The predicted price hikes are driven by a combination of a weaker rand and high international oil prices.
Brent Crude Oil prices have slightly softened but are still higher than previous months, while the South African rand has weakened against the US dollar.
These factors contribute to the potential increase in fuel prices, which could impact consumer prices despite recent inflation softening.
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Compiled by Betha Madhomu
