Johannesburg - Motorists who drive petrol powered cars can look forward to some price relief at the pumps from early November, but those operating diesel vehicles are set to be hit with yet another increase.
Motorists could be looking at a petrol price decrease of up to 20 cents a litre if current oil price and currency trends persist until Thursday, November 1. At the time of writing (Tuesday, Oct 30) the average for the month so far pointed to a decrease of 13 cents, according to data released by the Central Energy Fund. However daily price movements have been pushing that average in the right direction by at least three cents a day for over a week.
Were November’s petrol price to be based solely on the past week, we could have seen a price decrease in the region of 80 cents, however rand weakness and high oil prices in the first half of the month have skewed the average - in fact mid-month data had pointed to a price hike in the region of 40 cents a litre.
Oil prices are currently working in our favour, having dipped recently on fears that global growth may be slowing, according to Reuters.
If recent trends persist through November, and that is a really big IF given the general volatility of markets, motorists could see another price decrease in December, just in time for those Silly Season road trips.