Middle East tension spoils petrol party in SA for November

The biggest contribution to the increase is the Brent Crude oil price which increased from $72.82 to $75.07 per barrel.

This rise is primarily attributed to ongoing geopolitical tensions in the Middle East, particularly the conflict involving Iran and Israel.

Coal, Oil & Gas

New Act swings energy balance in favour of Mantashe policy

Lindsey Schutters  1 Nov 2024

Elevated crude prices have had a direct impact on the cost of imported fuel and a massive effect ion import markets like South Africa.

International petroleum product prices also climbed, mirroring the increase in crude oil costs.

Currency gains wiped out

Despite a slight appreciation in the rand (from R17.68 to R17.53/$), the stronger currency provided some relief, reducing the fuel price increase by more than 8.00 c/l across all products.

The cumulative slate balance for petrol and diesel stood at a positive R5.6bn by the end of September 2024.

Under the Self-Adjusting Slate Levy Mechanism, this positive balance means that no additional levy will be applied this month.

November 2024 fuel price adjustments

Starting 6 November, the following changes will take effect:

Petrol 93: +25c/l

Petrol 95: +25c/l

Diesel (0.05% sulphur): +21c/l

Diesel (0.005% sulphur): +20c/l

Illuminating Paraffin (wholesale): +21c/l

Illuminating Paraffin (SMNRP): +28c/l

LPGas: +36c/kg