Petrol price will be cut on Wednesday, but diesel gets pricier

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The price of 95 unleaded petrol will be lowered by R1.02 a litre on Wednesday, while 93 petrol will be 89c cheaper, the Department of Mineral Resources and Energy announced on Monday. This will lower the price of 95 petrol in Gauteng to R23.36 litre, from a record high of R26.74 in July. Petrol cost only R19.61 at the start of the year.

Diesel prices will be hiked by between 10c and 15c a litre.

The price of illuminating paraffin will fall by 61c a litre. 

Fuel prices are determined by the price of oil and the rand-dollar exchange rate. 

The rand has taken a big hit over the past month - weakening from R17.17/$ at the start of September, to above R18 amid global market turmoil and record load shedding in South Africa. But fortunately for motorists, the oil price has slumped to its lowest level since January amid concern about energy demand as steep interest rate hikes weigh on global economic growth.

The average Brent crude oil price decreased from $94 per barrel in August to $89.79 in September. 

Diesel prices are remaining stickier than petrol because of a squeeze on diesel supplies worldwide.

READ | Oil and trouble: Why diesel prices aren't coming down that much

This is due in part because Europe - which produces more petrol than it needs - is an importer of diesel, much of it from Russia.

The invasion of Ukraine and subsequent sanctions stopped the flows. This has squeezed prices higher as European countries scramble to find alternative diesel sources.

In South Africa, continuing problems with the railways have increased truck deliveries - fuelling the local demand for diesel.

A lack of diesel supplies has contributed to load shedding, as it hobbled Eskom's efforts to feed its emergency generators.

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