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IOL News reports that motorists will be hit with significant petrol and diesel cost increases when the next fuel price adjustments take effect on 5 February.
The latest numbers released by the Central Energy Fund show significant under-recoveries for both fuel types, pointing to increases of 88 cents for 95 Unleaded petrol and 95 cents for 93 Unleaded. Diesel is looking set for hikes of between R1.08 (50ppm) and R1.11 (500ppm). This would see 95 ULP petrol rising to around R21.68 at the coast and R22.47 inland, where 93 ULP should land around the R22.54 mark. However that appears to be the upside scenario at present. With the most recent daily data having moved further into the red, the under-recoveries look set to grow between now and month-end, risking increases of R1 or more for petrol, should current trends persist. Those trends come in the form of inflated oil prices as well as a weaker rand having worsened the outlook since early January, when a petrol price increase of around 68 cents had been predicted.
- Read the full original of the report in the above regard by Jason Woosey at IOL News
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