Petrol price drop coming in November
The Automobile Association of South Africa (AA) has said that the prices of petrol and diesel are likely to fall at month-end.
The AA was commenting on unaudited mid-month fuel price data released by the Central Energy Fund.
Petrol is reportedly poised for a reduction of between 14 and 17 cents a litre, with diesel set to fall by approximately 20 cents a litre.
The AA said the current data shows that illuminating paraffin will increase by around five cents a litre.
Fuel price changes
Current data analysed by the AA shows the price of fuel could change as follows:
- Petrol – R0.14 – R0.17 per litre decrease
- Diesel – R0.20 per litre decrease
- Illuminating Paraffin – R0.05 per litre increase
It said that so far in October, the Rand/dollar exchange rate and international oil prices are working in South Africa’s favour.
“After a large spike in the daily exchange rate in the second half of September, the Rand has returned to its previous leisurely strengthening trajectory, improving from around R16.70 to the dollar at the start of October to its current level of about R16.55,” the AA said.
It added that despite some fluctuations in international oil prices, the basic fuel prices were trending slightly downwards.
The AA noted that there definitely seems to be some stability returning to oil as the world’s markets begin to find their equilibrium again.
“We hope these trends consolidate towards month-end, bringing much-needed relief to fuel users countrywide,” the AA said.