Alicia Dowton

Economy and Markets

SA petrol price down, diesel up from October

The Department of Mineral Resources and Energy has announced that the petrol pump price will decrease by up to R1.02 a litre and the diesel price will rise by up to 15 cents a litre from 5 October.

Fuel prices are adjusted monthly due to factors including global oil prices and the rand exchange rate.

The Ukraine war and its knock-on effects sent oil prices soaring earlier this year, driving South African fuel prices higher and sending inflation to a 13-year peak of 7.8% in July.

But global oil prices have eased in recent months, helping domestic inflation to fall slightly to 7.6% in August.

Despite that decline, South Africa's central bank delivered another 75 basis point interest rate hike in September as it tries to bring inflation back within its 3% to 6% target range, citing oil prices among potential risks.

Written by Alicia Dowton
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Published By: Biz Community
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