South African motorists will breathe a sigh of relief following indications that fuel prices are set for a big drop in November. This is based on unaudited mid-month data from the Central Energy Fund (CEF).
The data indicates ULP95 is set to decrease by about R1.97/l and ULP93 by R1.92/l. Diesel is set for a decrease of about 78c/l. The unaudited data also points to a decrease in the cost of illuminating paraffin of about 74c/l.
AA spokesperson Layton Beard says the data shows that more stable international oil prices are the main driver behind the potential decreases.
“The outlook for November will offer some much-needed relief to consumers,” he said.
“Especially with the decrease of diesel, which is a big input cost in major sectors such as agriculture, mining, and manufacturing, and an increase here often contributes to increased prices of basic commodities.
“There are still two weeks before the official adjustment for November. Which could still be negatively affected by the upward trajectory of oil prices due to the ongoing conflict in Israel,” added Beard.
“These significant decreases will come at a very critical time for South Africans who have had to dig deeper into their pockets to fill up their vehicles and food trolleys with the previous cycles of fuel increases.”
The official adjusted fuel prices come into effect on the first Wednesday of November. It will be announced by the Department of Mineral Resources and Energy on 1 November.
EXPECTED FUEL PRICES FOR NOVEMBER
Petrol 93: down by 189 cents per litre
Petrol 95: down by 193 cents per litre
Diesel 0.05%: down by of 75 cents per litre
Diesel 0.005%: down by 69 cents per litre
Illuminating paraffin: down of 72 cents per litre