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KIMBERLEY and Northern Cape motorists, we’ve had a good run – five months of falling fuel prices, with petrol and diesel hitting their lowest levels since February 2022. But all good things must come to an end, and it looks like November is bringing us back to reality with an increase at the pumps.
The Central Energy Fund’s latest data is hinting at a rise of about 30 cents per litre for 95 Unleaded petrol and 18 cents for the 93 version. Not exactly a budget-breaker, especially after October’s R1.14 drop, but still enough to make you roll your eyes.
Diesel drivers aren’t getting off scot-free either. Expect to pay around 23 cents more for 500ppm diesel and 22 cents for the “cleaner” 50ppm variety.
Don’t get too worked up just yet, though – these are still preliminary numbers, and things could shift in the final week before the official announcement from the Department of Mineral Resources and Energy. We’ll know for sure early next week, with the new prices kicking in on Wednesday, November 6.
For those keeping a keen eye on global markets (or just needing an excuse to grumble), here’s some context: Brent Crude oil prices took a 5% dive on Monday, dropping to just under $73 per barrel after some weekend tensions in the Middle East turned out to be less catastrophic than feared – no energy facilities were targeted, so the oil market didn’t spiral into chaos. For most of October, oil has been hanging around the $74 mark, a touch above September’s average of $72.
Meanwhile, the rand’s been doing a decent job of holding steady, with Monday’s exchange rate of $17.66 to the US dollar close to its September average of $17.68. In other words, don’t blame the currency for your extra fuel costs – at least not this time.
The silver lining? If the rand stays where it is and oil prices remain tame, fuel prices should keep things relatively calm heading into 2024. In fact, Goldman Sachs predicts crude oil will hover around $76 per barrel come 2025, as the world’s oil supply is expected to stay pretty stable.
So, residents, while it’s never fun to shell out more at the pumps, November’s price bump shouldn’t be too painful. But, hey, keep your fingers crossed – stranger things have happened in the fuel market.
While November’s expected fuel price bump might seem modest on paper, it’s still going to sting for many residents who are already feeling the financial pinch. Every cent counts when you’re stretched thin, and even a small increase adds up for those already under the cosh. Brace yourselves and hope for the best – because in the unpredictable world of fuel prices, anything can happen.