Motorists warned to brace for record petrol pain at the pumps: Here’s how much you might pay

South African motorists face a significant increase in petrol prices, with the cost of 95 octane petrol set to surpass R30 per litre for the first time in the nation's history. The Central Energy Fund predicts a R3.21 increase for 95 octane, raising the price from R26.92 to R30.13 per litre. The under-recovery for Petrol 93 is even smaller at R3 per litre. The Department of Mineral and Petroleum Resources is expected to confirm these adjustments, with new prices taking effect on October 7th.

Analysts warn that petrol prices are following the trajectory of diesel, which has surged due to the Middle East conflict and a weaker rand. The under-recoveries for diesel range from R2.76 to R3.15 per litre. If these projections hold, motorists could face a significant financial burden, with the cost of fuel potentially impacting their overall spending power. The spike in petrol prices is being driven by a 3% jump in Brent crude oil prices and a weakening rand.

The rising fuel costs are adding to the financial strain faced by South African households, which are already struggling with higher interest rates. Moneyweb reports that these combined factors are leaving households with less disposable income for other essential expenses. As households cut back on discretionary spending, demand weakens across the economy, posing a broader threat to economic growth.