Petrol and diesel prices expected to drop in November: What motorists need to know
Vehicles at a petrol station. Motorists will have some relief this month as petrol and diesel prices are set to drop next Wednesday
Image: Doctor Ngcobo / Independent Media.
Motorists will have some relief this month as petrol and diesel prices are expected to drop this month, giving drivers a much-needed break at the pumps and a chance to save on every litre.
According to data from the Central Energy Fund (CEF), over-recoveries for both petrol and diesel have remained steady throughout October, creating room for reductions.
The CEF is a government-owned entity that monitors fuel pricing and provides forecasts to help guide official adjustments.
The Department of Petroleum and Mineral Resources is expected to announce the official adjustments in the coming days, ahead of implementation.
Motorists will have some relief this month as petrol and diesel prices are set to drop
Image: CEF
Expected changes include:
- Diesel 0.05% (wholesale): decrease of 22 cents per litre
- Diesel 0.005% (wholesale): decrease of 20 cents per litre
- Petrol 93: decrease of 56 cents per litre
- Petrol 95: decrease of 51 cents per litre
- Illuminating paraffin: decrease of 10 cents per litre
IOL previously reported that the predicted decreases come primarily as a result of lower international product prices, with the stronger rand adding around 11 cents to the over-recovery in the case of petrol.
This month saw Brent Crude oil fall to its lowest level in almost six months, with prices dropping to around the $61 mark this week.
According to Reuters, prices have been softer this month due to concerns about excess supply as well as risks to demand, exacerbated by trade-related tensions between the US and China, which are the world’s top oil consumers.
IOL Business
mthobisi.nozulela@iol.co.za
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