Mid month data from the Central Energy Fund indicates that we could see an increase in fuel prices that will hit yet another record high in November.
Petrol 93 could increase by around 96 cents per litre.
Petrol 95 could increase by 98 cents per litre.
Diesel 0.05% could increase by roughly R1.41 per litre while Diesel 0.005% could increase by R1.42 per litre.
Illuminating Paraffin could increase by R1.42 per litter.
Oil prices continue to rise to the highest level since 2014. Brent crude has been trading above the $80 a barrel since the OPEC+ meeting that took place earlier in October. Brent Crude closed the week at 84.86 USD per barrel last Friday.
While the price of Brent crude is on the rise, the rand has taken a bit of a knock and has not recovered fast enough to offset the increasing price of oil.
These are the leading factors contributing to fuel prices jumping to record highs.
