The biggest contribution to the increase is the Brent Crude oil price which increased from $72.82 to $75.07 per barrel.
This rise is primarily attributed to ongoing geopolitical tensions in the Middle East, particularly the conflict involving Iran and Israel.
New Act swings energy balance in favour of Mantashe policy
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Elevated crude prices have had a direct impact on the cost of imported fuel and a massive effect ion import markets like South Africa.
International petroleum product prices also climbed, mirroring the increase in crude oil costs.
Currency gains wiped out
Despite a slight appreciation in the rand (from R17.68 to R17.53/$), 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
