South African motorists will suffer a major blow at the pumps as significant fuel price increases are due to take effect on 3 November 2021.
Earlier in October 2021, mid-month fuel price data released by the Central Energy Fund (CEF) predicted significant fuel price increases for November 2021. Now, those predictions have been exceeded and it’s been confirmed that fuel prices will rise sharply as of 3 November 2021.
The fuel price increases make for disturbing reading.
Fuel Price Increase for November 2021
Both grades of petrol (93 ULP and 95 LRP) will increase by R1.21 per litre.
Both grades of diesel (0.05% and 0.005% Sulphur) will increase by R1.48 per litre.
Illuminating Paraffin will see a major increase of R1.93 per litre.
These increases will be a tough pill for consumers to swallow as households are already under considerable financial pressure.
The primary drivers influencing fuel prices is the Rand / US-Dollar exchange rate and the price of petroleum products which is linked to the price of crude oil. In the period of October 2021, international product prices increased while the Rand weakened against the US Dollar. The price of crude oil is also surging, exacerbating the situation even further.
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