The price of 95 petrol in Gauteng will break the R17 mark on 3 October when the latest price hike kicks in.
95 petrol will cost R17.08 per litre in Gauteng from Wednesday, with the price of 95 fuel at the coast increasing to R16.49.
The R1.00 increase follows the CEF stating that the rand depreciated against the US dollar during its most recent review period.
“The average rand/US dollar exchange rate for the period 31 August 2018 to 27 September 2018 was 14.78 compared to 13.94 during the previous period,” it stated.
“This led to a higher contribution to the basic fuel prices on petrol, diesel, and illuminating paraffin.”
Diesel was not spared from the big increase either, and the fuel went up by R1.24 per litre.
This means that diesel 0.05% now costs R15.65 per litre, while diesel 0.005% is now R15.69.
Petrol price increases
To provide an idea of how sharply the petrol price has increased in South Africa in recent years, we looked at the monthly price increases from January 2015.
In January 2015, 95 petrol was R11.24 per litre in Gauteng, and then dropped to R10.31 in February 2015.
From there, however, petrol prices slowly trended upwards, with occasional small drops – reaching R12.85 in December 2016.
The start of 2017 saw fuel prices increase yet again, after which a sharp climb began in March 2018.
The graph below shows the monthly change in petrol price from January 2015 to the 3 October 2018 fuel increase this week.