November 2024 Fuel Price Hike: What You’ll Pay for Petrol and Diesel

Fuel Price Hike for November 2024: What Consumers Should Expect

Fuel prices are set to increase this November, as confirmed by the Department of Mineral Resources and Energy (DMRE) on Monday. These changes come after a period of price drops, marking the end of a five-month trend of consecutive decreases.

Details of the November Increase

Starting this week, both petrol and diesel will see moderate price increases. Here’s a breakdown:

• 95 Unleaded Petrol: Up by 25 cents per litre
• 93 Unleaded Petrol: Also increasing by 25 cents per litre
• Diesel: An increase of 20 cents per litre for 50ppm and 21 cents for 500ppm
• Illuminating Paraffin: Price increase of 21 cents per litre

These adjustments will push the price of 95 Unleaded to R20.51 at the coast and R21.31 inland, where the cheaper 93 Unleaded will cost R20.98.

Factors Behind the November Price Rise

The main driver of this increase is the sharp climb in international oil prices during mid-October. Despite these global pressures, the latter part of the month saw softer oil prices, easing the impact on local consumers. Additionally, the South African rand’s marginal improvement compared to the previous month provided some relief, lowering potential hikes by around eight cents per litre.

Historical Context: A Year of Ups and Downs

Before November’s rise, fuel prices had been on a decline, reaching their lowest levels since February 2022. For instance, petrol (95 ULP) is now R1.44 cheaper compared to January 2024. The most significant drops were observed in June (R1.24) and October (R1.14), though earlier in the year, prices saw an upward trend from February to March.

What This Means for South Africans

While November’s increases may come as an unwelcome change, the overall fuel costs remain lower than at the start of the year. Consumers can expect continued price fluctuations influenced by global oil trends and currency shifts in the coming months.

Stay informed to plan your fuel expenses effectively!