The wholesale diesel price looks set for a cut on Wednesday next week, but petrol may become pricier.

Based on the latest oil and rand prices, the latest data from the Central Energy Fund shows that diesel prices could be lowered by 26c to 51c a litre, depending on the grade. Unleaded 95 petrol, however, may be hiked by around 60c.

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

The rand has been volatile over the past month: it slumped to R18.53/$ two weeks ago, but the local currency is now back at around R18.10, which is slightly stronger than a month ago.

The oil price has climbed steadily from $78 a barrel a month ago to around $81 currently. The Organisation of the Petroleum Exporting Countries recently announced plans for additional supply cuts, while a rebound in the Chinese economy also supported the oil price.

At the start of April, the diesel price was cut by more than 73c a litre on Wednesday, while 95 petrol increased by 2c.

The price of a litre of 95 unleaded petrol is now R22.97 in Gauteng, compared to R21.60 a year before – and a record price of R26.74 in July last year.

The wholesale diesel price is currently around R20.89 a litre. As recently as in November last year, diesel cost close to R25.50.