Fourth fuel price hike looms

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Diesel prices will increase for the fourth consecutive month when fuel prices for October are officially adjusted next Wednesday.

Commenting on unaudited fuel data from the Central Energy Fund (CEF), the Automobile Association (AA) spokesperson Layton Beard says petrol and illuminating paraffin prices will also increase – both for the third consecutive month.

According to the current data, diesel is expected to increase by around R1.60/litre, while petrol is expected to increase by between 75c/l and 80c/l depending on the grade. Illuminating paraffin is expected to rise by more R1.50/l.

“As was the case with the previous increases, these latest significant adjustments are mainly attributable to rising international oil prices.

While the weaker Rand/US Dollar exchange is also playing a role in the hikes for all fuels, its contribution is less substantial than the international product prices,” Beard noted.

Based on the current numbers, ULP95 petrol in Gauteng will rise above R25/l and at the coast above R24/l for the first time since August last year.

“These increases are going to hit all consumers hard and they come at a time when most South Africans are feeling extreme financial pressure.

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It remains concerning, however, that in the face of these increases, government remains silent on its plans, if there are any, on a way forward to deal more effectively with fuel price increases,” Beard stated.

The AA again advises motorists to keep their vehicles are good mechanical condition, and their tyres inflated to manufacturer’s specifications to ensure optimal fuel usage.

Minimising trips where possible, using air conditioners sparingly, and not overloading the vehicle are other measures owners can take to decrease fuel consumption.

“As the end of the year approaches many people will be making plans for their annual vacations.

Part of that planning must include budgeting properly for fuel expenses now and including some extra funds to offset possible additional increases that may occur in November and December,” Beard concluded