Petrol price increase

[Dave A]

Here is one solution - fill and run!

High fuel prices are leading some South African motorists to take desperate measures, such as filling up and driving away from service stations without paying.

It's a relatively unexpected development given the presence of petrol attendants at the point of sale on forecourts.

Fuel Retailers' Association chief executive Peter Morgan said yesterday that an incident in which an Empangeni petrol attendant was knocked down and had to be hospitalised on Tuesday night was not isolated.

"There have been about 10 similar incidents over the past month," Morgan said. "Every motorist all over the country is feeling the same pain … As soon as fuel prices increase, motorists fill up and speed off."

The price of 95 octane petrol sold in Gauteng rose to R9.96 a litre this month. On January 2 the price was set at R7.47 a litre.
full story from Business Report here

From the same story, it seems petrol station owners are being hit with other problems too - not least of which is the increase in working capital that goes with these increases.

[akhanna01]

the way the crude prices are soaring tradinding currently @143$per barrel.there are no chance that opec will decide to increase the production as they are in the favour of such high crude prices rather they say that it should be at 200$ per barrel . so one expect in coming year petrol prices to gearing upwards.

[Graeme]

I have several times had to insist that the pump attendant zero the bowser before starting to put petrol in my car. Have a good look at the reading on the bowser before you allow the attendant to start pumping. Unlike the old bowsers which which used to zeroise the moment the hose nozzle was removed from the bowser prior to pumping, the new ones in use by Total and Engen seem to have to be zeroised by the attendant, and they don't always do that, which means that the figure showing on the face of the bowser is added to what is put into your car.

[kernel32]

I have several times had to insist that the pump attendant zero the bowser before starting to put petrol in my car. Have a good look at the reading on the bowser before you allow the attendant to start pumping. Unlike the old bowsers which which used to zeroise the moment the hose nozzle was removed from the bowser prior to pumping, the new ones in use by Total and Engen seem to have to be zeroised by the attendant, and they don't always do that, which means that the figure showing on the face of the bowser is added to what is put into your car.

This is quite disturbing! So they basically keep the amount that was showing on the display. Makes me wonder why I always give them big tips?

[Dave A]

Some good news - The price of petrol is to go down by 45c a liter on Tuesday 5th November.

[Chatmaster]

That decrease seems pretty low though, I actually expected it to be way lower, but I am definitely not complaining!

[IanF]

That decrease seems pretty low though, I actually expected it to be way lower, but I am definitely not complaining!

Chatmaster
Here the link to CEF It gives the breakdown. 151 cents due to oil price and minus 105 due to exchange rate. So talk up the Rand and we can another R1 off the price.

[Dave A]

It's a bit of a mixed blessing. The crisis that helped weaken the Rand also brought down the oil price quite dramatically.

At least we were nett winners this time.

[Dave A]

Enjoy lower fuel prices while they last.

Ministers for the Organisation of the Petroleum Exporting Countries (Opec) on Wednesday agreed to remove a record 2,2-million barrels per day (bpd) from oil markets in a race to balance supply with the world's rapidly crumbling demand for fuel.

The 12 members of Opec were also aiming to build a floor under prices that have dropped more than $100 from a July peak above $147 a barrel.

The cut comes on top of existing reductions of two million bpd agreed by Opec at its last two meetings.

Oil showed little reaction to the deal reached after four hours of talks, with prices trading just above $43 a barrel.

Saudi Arabia, the world's biggest oil exporter, has led by example -- reducing supplies to customers even before a cut has been agreed to help push prices back towards the $75 level Saudi King Abdullah has identified as "fair".
full story from M&G here

Now I vaguely recall oil running at about $30 a barrel before the price run up really started. I know that was a few years ago, but that "reasonable goal" probably equates to about a 20% per annum increase.

[duncan drennan]

Now I vaguely recall oil running at about $30 a barrel before the price run up really started. I know that was a few years ago, but that "reasonable goal" probably equates to about a 20% per annum increase.

I vaguely recall OPEC mentioning something like $40 as being a realistic price per barrel when it was pushing through $100. Apparently speculation was driving prices up. Unless my memory fails me