Depression for diesel drivers following official August fuel price update

It’s already that time of the month again, folks. Time for the Department of Mineral Resources and Energy (DMRE) to adjust the country’s fuel prices at the pumps from the morning of Wednesday, 6 August. This time, it will be the country’s diesel drivers who will be forced to contend with yet another massive price hike, while petrol drivers will find themselves enjoying a price decrease, if somewhat minor.

Diesel drivers will probably be walking this August

That leaves diesel drivers less than 24 hours to get themselves to the nearest garage to take advantage of the ‘cheaper’ prices before they are hiked at midnight. It’s a different story for petrol guzzlers who will attempt to stave off their car’s near-starvation in an attempt to save a couple of bucks at the pump tomorrow morning.

Those who have kept up with Stuff’s weekly fuel price predictions won’t be surprised to hear the news. Throughout July, the Central Energy Fund (CEF) has warned motorists about the impending hike for diesel-based fuels, based on the economic factors that the DMRE uses to determine the price of fuel every month. These are the average Rand/US Dollar exchange rate over July, as well as international oil prices.

In the case of August’s fuel price increases for diesel drivers, a weaker Rand and continually growing oil prices are to blame for the shift. Had the Rand maintained its stability in these last few weeks, the hikes may have been more forgiving, while petrol drivers could have enjoyed an even larger price cut.