By Lehlohonolo Lehana.
The department of mineral resources and energy has confirmed fuel price increases for petrol and diesel will be implemented from midnight on Tuesday.
Last month we saw both the global price of diesel climb significantly and the rand come in weaker relative to September, leading to an under-recovery in both petrol and diesel prices.
This has translated to a small price hike at the pumps, breaking the streak of five consecutive months of price cuts.
Prices will be going up by 25 cents per litre for petrol and between 20 and 21 cents per litre for diesel.
The average international product prices for Petrol, Diesel and Illuminating Paraffin increased during the period under review.
The Rand appreciated 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 27 September 2024 to 31 October 2024 was 17.5301 compared to 17.6723 during the previous period.
This led to a lower contribution to the Basic Fuel Prices on petrol, diesel and illuminating paraffin by 8.34 c/l, 8.49 c/l, 8.49 c/l respectively.
In line with the provisions of the Self-Adjusting Slate Levy Mechanism, the Slate Levy on petrol and diesel will remain at 0.00 c/l with effect from 06 November 2024.