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Middle East tension spoils petrol party in SA for November
4 Nov 2024
Minister of Mineral and Petroleum Resources, Gwede Mantashe, announced the latest adjustments to South Africa's fuel prices in a media statement today. The increases are driven by both international and local factors such as crude oil prices and international shipping costs, alongside the rand/US dollar exchange rate.
The biggest contribution to the increase is the Brent Crude oil price which increased from $72.82 to $75.07 per barrel.
This rise is primarily attributed to ongoing geopolitical tensions in the Middle East, particularly the conflict involving Iran and Israel.
Elevated crude prices have had a direct impact on the cost of imported fuel and a massive effect ion import markets like South Africa.
International petroleum product prices also climbed, mirroring the increase in crude oil costs.
Currency gains wiped out
Despite a slight appreciation in the rand (from R17.68 to R17.53/$), 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
