South African fuel prices set to ease in November
JOHANNESBURG - South African motorists can look forward to a small fuel price decrease from next week, regardless of what type of fuel they use.
According to the Automobile Association, the petrol price is looking set to drop by between eight and 18 cents a litre depending on the grade, while diesel will be around 14 cents cheaper. This prediction is based on late-month fuel data released by the Central Energy Fund.
This would bring the price of a litre of 95 Unleaded petrol down to around R15.49 at the coast and R16:13 inland, with 93 ULP possibly easing to around R15.61.
The final fuel prices for November are likely to be announced this Friday, with the price changes taking effect next Wednesday, November 6.
The fuel price relief comes mainly as a result of softer oil prices during the month of October, the AA says. The rand has also clawed back from its lows of up to R15.38 to the US dollar in early October, and at the time of writing the local currency was trading at R14.54, which is close to a three-month high.
But will South Africans enjoy lower prices for the festive season?
International oil prices are looking a little riskier going forward, the AA points out, having ticked up slightly from their late-October plateau, which could signal the start of a strengthening cycle into November.
"Whatever happens to the oil price and rand from this point affects the price motorists will be paying at the pumps at Christmas. It remains to be seen whether this month's reductions will continue for the rest of the year," the association added.