November fuel price outlook: Slight reduction looking likely for petrol
JOHANNESBURG - South African motorists could be treated to a small petrol price cut in November, but the picture is looking less certain for diesel.
If current trends persist, we could be looking at a petrol price reduction of between 10 and 15 cents a litre for 95 Unleaded, as mid-month data from the Central Energy Fund implies. However, while the most recent daily fuel price numbers are in the green for petrol, the equation has turned negative for diesel. While the current average points to a diesel price cut of 20 cents a litre, this could be eroded quickly if current trends persist.
Of course, with oil prices having been so volatile this month, the petrol price equation could also turn negative by the end of the month, although there are unlikely to be any big surprises when the final November prices are announced at the end of October.
95 Unleaded petrol currently sells for R14.16 at the coast and R14.86 inland, where 93 Unleaded retails for R14.66.
Petrol is still cheaper than it was at the beginning of the year when 95 Unleaded hit R15.52 at the coast, but it’s still almost R3 more expensive than it was in May this year after oil prices tumbled due to the Covid-19 pandemic.
The rand has recovered somewhat from its early-month lows, and at the time of writing it was trading at R16.68, however oil prices have been volatile, dipping below $40 a barrel earlier in this month, but edging up to $43.40 at present.