October 2022 will see the petrol prices drop but diesel prices will increase, putting further strain on a struggling South African economy. See the details below.
Motorists in South Africa (particularly petrol-dependent motorists) will breathe a sigh of relief in October 2022 as petrol prices have been slashed significantly! The prices of diesel, however, are increasing again, which will impact negatively on the economy.
During September 2022, the average Brent Crude oil price decreased from $94 per barrel to $89.74 per barrel. However, during the same period, the Rand depreciated against the US Dollar from R16.70 to R17.55, ultimately resulting in higher contributions to the Basic Fuel Prices of petrol, diesel and illuminating paraffin.
The fuel price adjustments in South Africa for October 2022 are as follows:
- Petrol (93 ULP / LRP) decrease by 89 cents per litre
- Petrol 95 ULP / LRP ) decrease by 102 cents per litre
- Diesel (0.05% sulphur) increase by 10c per litre
- Diesel (0.005% sulphur) increase by 15 cents per litre
- Illuminating paraffin (wholesale) decrease by 61 cents per litre
While the petrol price decrease will be celebrated by motorists driving petrol-powered cars, the increase in diesel prices will have a negative impact on the economy as diesel is primarily used in industry, for the transport of goods and food, as well as in the generation of electricity. With a negative global economic outlook over short-to-medium term, future fuel price increases are likely to continue to have an adverse impact on the already inflated cost of living, not only in South Africa, but abroad too.
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