Five things to know about November's petrol price
International oil prices tested four-month lows late last week, and that could bring good news for motorists in November
Image: Tumi Pakkies / Independent Newspapers
Motorists in South Africa are poised for potential savings at the pump as international oil prices fall.
Potential Price Reductions:
Early data from the Central Energy Fund (CEF) indicates that petrol prices could be slashed by around 48 cents for 95 Unleaded and 51 cents for 93 Unleaded. Diesel may see modest cuts of about 10 cents per litre.
Further Adjustments Possible:
If the current trends continue, we could anticipate price cuts of up to 70 cents for petrol and around 30 cents for diesel. This is underpinned by a stronger rand and the ongoing drop in oil prices.
Rand and Oil Price Impact:
Recently, the South African rand hit a significant low of R17.17 to the US dollar, now trading at R17.21. Concurrently, Brent Crude oil prices have fallen to below $65 per barrel, rebounding slightly after OPEC+ announced a production boost.
Stable Pricing in 2023:
This year has seen relatively stable fuel prices in South Africa, with petrol and diesel costs remaining comparable to January figures. A modest increase of eight cents per litre for petrol was recorded in October.
Current Fuel Prices:
As of now, 95 Unleaded petrol is priced at R20.84 along the coast and R21.63 in Gauteng. Meanwhile, 93 Unleaded stands at R21.48, following a one-cent increase. Diesel prices have also been adjusted slightly.
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