Fuel prices set for another drop
Motorists can look forward to paying 27c a litre less for petrol and 11c less for diesel in November
The petrol price is due to drop by as much as 27c/l with diesel to be about 11c lower on November 4.
This is according to the Automobile Association which was commenting on unaudited month-end fuel price data released by the Central Energy Fund.
Illuminating paraffin is set to go up 15c/l , however, as its basic price increased while petrol and diesel were falling.
This fillip for motorists follows substantial decreases for petrol and diesel in October, where the price of 93 unleaded petrol dropped 23c, 95 unleaded fell 32c and the wholesale price of diesel came down by 90c.
SA’s fuel prices are adjusted on the first Wednesday of every month.
The AA says local motorists are benefiting from a slightly firmer rand and softer international petroleum prices. The rand has maintained its strength against the US dollar throughout October, with the firming trend accelerating in the past week.
“This gradual appreciation has been mirrored by international oil prices, which softened throughout the month, with steeper reductions seen over the past 10 days,” the AA notes.
It says exchange rate and oil pricing data has shown more stability over the past two months, suggesting that fuel prices have reached an equilibrium.
“We are hoping that this is the case, because fuel price stability would come as a welcome relief to individuals and corporates alike in the current economic conditions,” says the AA.
Fuel prices have yo-yoed dramatically in a year which saw the price of oil crash, then recover, but motorists are still paying less for fuel than at the beginning of 2020.
In January a litre of 50ppm diesel cost R14.67 wholesale (now R12.40), the retail price of 93 unleaded was R15.84 (now R14.66) and the retail price of 95 unleaded was R16.16 (now R14.86).
Would you like to comment on this article or view other readers' comments?
Register (it’s quick and free) or sign in now.
Please read our Comment Policy before commenting.