Petrol prices in South Africa in November will rise by R1.21 per litre, while Diesel prices will rise by R1.48 per litre.
These official fuel price adjustments were gazetted by the Department of Mineral Resources and Energy and will come into effect on 3 November, as reported by BusinessTech.
According to the department, the average international prices for all fuel grades increased during October.
In addition, the rand depreciated against the US dollar during the same period.
The rand/US dollar exchange rate and international petroleum prices are the two biggest contributors to South African fuel prices.
These factors combined with the rising prices of Brent Crude oil heavily contributed to the substantial increases in local fuel prices for November.
The final fuel price adjustments that will come into effect on 3 November are:
- Petrol 93 – Increase of R1.21 per litre
- Petrol 95 – Increase of R1.21 per litre
- Diesel 0.05% – Increase of R1.48 per litre
- Diesel 0.005% – Increase of R1.48 per litre
- Illuminating Paraffin – Increase of R1.45 per litre
November also saw the increase of the national slate levy, a new levy added to the country’s fuel price calculations in August 2021.
This is a self-adjusting mechanism that seeks to deal with the daily fluctuations of contributing costs to fuel, known as daily under-recoveries or over-recoveries.
“The under-recovery to date this month has been vast, and the government will, in our view, have no option but to increase the slate levy to recover this deficit, making for a bigger hike,” said the AA in the middle of October.
This has come to fruition, as the energy department increased the slate levy by 2.2c/l to a total of 15.36c/l for November 2021.
When the slate levy was instituted in August it was 6.58c/l – marking an increase of 235% in three months.
The official fuel prices for South Africa from 3 November will be:
- Petrol 93 – R19.32 per litre
- Petrol 95 – R19.54 per litre
- Diesel 0.05% – R17.19 per litre
- Diesel 0.005% – R17.23 per litre
- Illuminating paraffin – R11.25 per litre