Business Reporter.
The Department of Energy has published the latest fuel price update for October 2022, showing another cut to petrol – but a small price jump for diesel prices.
The changes will be implemented on Wednesday, 5 October.
Ninety-five octane will decrease by R1.02 while 93 octane will be 89 cents cheaper at midnight on Wednesday.
But diesel increases by 10 and 15 cents for the different grades.
Illuminating Paraffin (wholesale) decrease of 62 cents per litre
The average international product prices for Petrol, Diesel and Illuminating Paraffin decreased during the period under review.
The rand depreciated against the US dollar during the period under review, on average, when compared to the previous period. The average rand/US dollar exchange rate for the period 2 September to 29 September 2022 was 17.5547 compared to 16.7016 during the previous period.
This led to a higher contribution to the Basic Fuel Prices on petrol, diesel and illuminating paraffin by 57.36 c/l, 74.67 c/l and 72.55 c/l, respectively.
In terms of the Working Rules to administer the BFP, the differentials between 95 and 93 petrol grades are adjusted at the beginning of each quarter. The BFP differentials between 95 and 93 petrol grades have changed and as result the different price adjustments between the two grades.