Motorist Can Expect Huge Increase in Petrol and Diesel Prices in September

South African motorists are in for a huge change when it comes to petrol and diesel prices this coming September. The price news comes after petrol and diesel prices for August 2023 took effect last week.

Central Energy Fund (CEF) released its latest numbers and with the global oil price hike and rand weakening it does not look good for motorists.

The fuel prices are showing slow recovery with petrol prices hiking up from R1.11c to R1.15c per litre, while the diesel jumped to R2.43c per litre.

In August the petrol price went up with a litre of 95 petrol sitting on R22.83c and diesel sitting on R20.21c.

In September motorists can see a jump with petrol going up to R24 a litre and diesel costing R23 a litre.

According to economist at the Bureau for Economic Research(BER), “The US Energy Administration reported that weekly US crude oil inventories declined by a new record as exports and local demand ramped up amid the summer driving season,” the BER said.

“The resilience of the US economy, coupled with constrained supply, should support the oil price over the next couple of months,” the BER said.

“Having already recorded an unexpected merchandise trade deficit in June due to a decline in the value of exports, this is bad news for SA. With major SA export commodity prices under pressure, the continued increase in the oil price bodes ill for SA’s trade balance during the rest of the year,” it said.