According to recent data from the Central Energy Foundation, both gasoline and diesel prices now appear to be on track for large increases during the first week of June. According to the latest figures from the Central Energy Fund, gasoline and diesel prices currently look set for steep increases in the first week of June. Furthermore, according to current data from the Central Energy Fund, gasoline is expected to rise between R1.93 and R1.97 per liter, diesel is expected to rise between R1.60 and R1.62 per liter, while the cost of lighting paraffin is expected to rise by R2.14 per liter.
The latest estimates forecast an increase of R1.93 and R1.97 per litre for gasoline during the first week of June, and a rise in diesel between R1.60 and R1.62 a litre. Based on the latest data from Central Energy Foundation, it appears that gasoline and diesel prices are currently set to rise significantly over the first seven days of June. Average fuel prices were 162.4p per litre for petrol and 176.5p for diesel last week, compared with record lows of 167.3p and 179.9p. Overall, the cost of gas has increased by 38% since the beginning of last year, according to the latest figures on inflation released by the Labour Department.
The AA warned drivers last week to expect accelerating pump prices, with rising summer demand across the U.S. driving the price of oil higher over that period of the year. Gas prices are hitting all-time highs on an almost daily basis, creating financial pain at the pump for millions of Americans. Prices of gasoline and diesel are likely to reach new records within weeks — in time for a Platinum Jubilee bank holiday weekend at the beginning of June. Average prices of gas and diesel rose by more than in any month on record in March – by 11p and 22p per litre respectively – meaning motorists are already suffering through the most expensive bank holidays at Easter and the start of May ever.
Average prices for gas and diesel reached 161.1p and 170.1p per litre on Thursday, according to data company Experian Catalist – an eight-and-13-pips rise over a one-week period, respectively. The average UK price of petrol has already increased nearly 3p a litre since early May, according to the RAC Fuel Experts, and is now just 0.65p short of matching its all-time record of 167.30p. RAC fuels spokesperson Simon Williams said the price of diesel is now at a record high due to efforts to shift away from imported Russian diesel, leading to a tightening of supplies and pushing up the prices retailers are paying.
The AA said motorists can expect petrol to cost 99c per litre and the cost of lighting paraffin will increase by R1.42 a litre, ultimately leaving consumers paying over R19 per litre for petrol — 30% higher than what it cost in January — and R17 a litre for diesel. On top of this, according to the latest Central Energy Foundation information, gasoline is expected to rise by R1.93 to R1.97 a litre, diesel is expected to reach its maximum of R1.60 and R1.62 a litre, while illuminating paraffin is expected to increase by R2.14 a litre, while illuminating paraffin is expected to increase by R2.14 a litre.
Together, gasoline prices are likely to increase by about R3.47 a liter above the current levels. Also, a R1.50 reduction on a typical fuel duty would be reduced by late June.