South African fuel prices are set to increase in October, according to the AA.
The AA said that in the wake of the mid-September drone attacks on the Abqaiq oil refinery in Saudi Arabia, prices will increase locally.
The current predictions are:
- 95 Petrol – 19 cents increase
- Diesel – 25 cents increase
- 93 Petrol – 4 cents decrease
“The landed price of fuels in South Africa jumped by as much as a rand a litre in just three days after the attack, before settling back slightly. This turned a generally stable price picture into a negative one,” said the AA.
“Without the rand’s [strong] performance, we could have been looking at price rises in excess of 40 cents a litre for some fuels.”
The AA added that large oil refineries and storage depots have proven difficult to defend against sneak attacks, and said that copycat attacks could lead to further unpredictable price shocks for liquid fuels.
“South Africa’s transport economy is underpinned by liquid fuels and is extremely vulnerable to price impacts and fuel shortages,” it concluded.