Motorists Face More Relief As Early Data Predicts Fuel Price Drop for November
- Further relief at the pumps is looming for South African motorists in November
- Early data from the Central Energy Fund predicted a sixth consecutive petrol price drop
- Several factors impact the petrol price, such as the Middle East conflict and exchange rate
Source: Twitter
JOHANNESBURG — A series of fuel cuts in 2024 has provided South African motorists with a lifeline.
The Central Energy Fund's (CEF) early data predicted another petrol price decrease in November amid a trend seen over the last several months.
Motorists face more relief
This could mean the country will enter a sixth month in which motorists will experience relief at the fuel pump following the latest decrease in October.
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However, it depends on whether market conditions stay consistent throughout October. The catch? The rand's favourable performance against the dollar.
The exchange rate is one of several factors influencing prices after a recent rand depreciation against the dollar.
Persistent fighting in the Middle East has further contributed to the rising oil price.
Again, despite these factors, the early data suggest that motorists can expect an 83-cent decrease for a litre of petrol 93 octane.
An 80-cent reduction would benefit 95 users. The Department of Petroleum and Mineral Resources is expected to confirm the data later this month.
If it stands, it would be the sixth consecutive cut ahead of the festive season.
Meanwhile, diesel is expected to drop by 77 cents per litre, and illuminating paraffin will remain at 83 cents.
September petrol price reduction
In related news, Briefly News reported on 5 August 2024 that South Africa experienced its lowest petrol price levels since January.
The downgrade was attributed to a stronger rand, with motorists paying 15c less for a litre of unleaded petrol 93 and 95 in September.
The rand had firmed during July from an average of R18.44 to the dollar to R18.23. Mineral Resources cited various factors, such as reduced production from Canada due to the wildfires. The other was a decline in US inventories.
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Source: Briefly News
