Fuel prices likely to drop again in October, says AA
The forecast reductions will take prices to levels last seen in March and April 2022, says Automobile Association
17 September 2024 - 10:42
byMotoring Reporter
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All grades of fuel are set for substantial price drops, says the AA. Picture: FREDDY MAVUNDA
SA motorists can expect another big fuel price reduction in October, the Automobile Association (AA) said.
Commenting on unaudited data from the Central Energy Fund (CEF), the AA said both grades of petrol, diesel and illuminating paraffin prices were set for substantial price drops after four consecutive decreases.
“According to the data, ULP93 will decrease by around R1.18c/l and ULP95 will decrease by R1.26/l. Diesel is set to decrease by around R1.10c/l, with illuminating paraffin reducing by around R1.04c/l. The forecast reductions in ULP93 and ULP95 will bring this fuel cost down to prices last seen in March and April of 2022,” says the AA.
The expected reductions are due to significantly lower international product prices and the strengthened performance of the rand against the US dollar.
“These decreases are positive and will ease pressure on our economy and consumers. Of course, this is only one indicator, and we cannot ignore higher interest rates and food prices but a decrease in fuel costs will make a difference to many,” the AA said.
The outlook for October was made mid-month and is likely to change before the official adjustment for October is made.
“Nonetheless, we remain confident that significant decreases will be seen to fuel prices for October,” the association said.
Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers.
Fuel prices likely to drop again in October, says AA
The forecast reductions will take prices to levels last seen in March and April 2022, says Automobile Association
SA motorists can expect another big fuel price reduction in October, the Automobile Association (AA) said.
Commenting on unaudited data from the Central Energy Fund (CEF), the AA said both grades of petrol, diesel and illuminating paraffin prices were set for substantial price drops after four consecutive decreases.
“According to the data, ULP93 will decrease by around R1.18c/l and ULP95 will decrease by R1.26/l. Diesel is set to decrease by around R1.10c/l, with illuminating paraffin reducing by around R1.04c/l. The forecast reductions in ULP93 and ULP95 will bring this fuel cost down to prices last seen in March and April of 2022,” says the AA.
The expected reductions are due to significantly lower international product prices and the strengthened performance of the rand against the US dollar.
“These decreases are positive and will ease pressure on our economy and consumers. Of course, this is only one indicator, and we cannot ignore higher interest rates and food prices but a decrease in fuel costs will make a difference to many,” the AA said.
The outlook for October was made mid-month and is likely to change before the official adjustment for October is made.
“Nonetheless, we remain confident that significant decreases will be seen to fuel prices for October,” the association said.
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