Motorists across the nation should prepare for a spike in fuel prices slated for October 2023, as the prices undergo official adjustments on Wednesday, 4 October 2023.
The Automobile Association (AA), commenting on unaudited fuel data released by the Central Energy Fund (CEF), disclosed that diesel is projected to witness a substantial increase of approximately R1.60/litre.
On the other hand, petrol prices are anticipated to surge by an estimated 75c/l to 80c/l, depending on the grade. Additionally, illuminating paraffin is expected to experience a rise of over R1.50/litre.
The AA shed light on the reasons behind these looming price hikes, stating, “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.”
Projected calculations based on the current figures indicate that ULP95 petrol in Gauteng will exceed R25/litre and surpass R24/litre at the coast for the first time since August last year.
Expressing concern over the financial burden these increases will impose on consumers, the Association voiced, “These increases are going to hit all consumers hard, and they come at a time when most South Africans are feeling extreme financial pressure. 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.”
Furthermore, the AA reiterated their advice to motorists to maintain their vehicles in good mechanical condition, adhering to manufacturers’ tyre inflation specifications to ensure optimal fuel efficiency. They also recommended minimising trips when possible, using air conditioners sparingly, and avoiding overloading the vehicle as measures to reduce 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 finds to offset possible additional increases that may occur in November and December,” concluded the AA.
With fuel prices poised to escalate once again, the populace is invited to share their perspectives on the matter. What are your thoughts on the above-mentioned? Share your views in the comment section below.
