By Lehlohonolo Lehana.
The Department of Mineral Resources and Energy has published the latest fuel adjustments for November 2022, showing a big jump in prices for both petrol and diesel.
The changes will be implemented on Wednesday, 2 November.
The price of unleaded petrol (both 93 and 95), will increase by 51c a litre, while diesel will rise by R1.43 a litre.
This will push the Gauteng price of diesel to R25.49 a litre – a new record high. A year ago, Gauteng’s diesel price stood at around R17.20 per litre.
In Gauteng, 95 petrol will cost R22.87 a litre from Wednesday, compared to R19.54 a year ago – but down from a peak of R26.74 in July.
Illuminating paraffin will increase by 77c a litre, the Department of Mineral Resources and Energy announced on Friday.
Local fuel costs depend on global oil prices and the rand/dollar exchange rate, as oil is priced in the US currency.
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 30 September to 27 October 2022 was 18.1099 compared to 17.5547 during the previous period.
This led to a higher contribution to the Basic Fuel Prices on petrol, diesel and illuminating paraffin by 37.55 c/l, 51.43 c/l and 48.02 c/l, respectively.
The combined cumulative petrol and diesel Slate balances at the end of September 2022 amounted to a negative balance of R8.120 billion. In line with the provisions of the Self-Adjusting Slate Levy Mechanism, a Slate Levy of 70.14 c/l (decrease of 13.14 c/l) has been implemented into the price structures of petrol and diesel with effect from 02 November 2022.