Some relief expected at the fuel pumps in November

The AA was commenting on unaudited mid-month data from the Central Energy Fund (CEF).

Earlier this month, the Department of Minerals and Energy announced the fuel price increase for the month of October.

The price of petrol increased by R1.08c and R1.14c per/litre, while the price of diesel increased by between R1.96 c per litre and R1.93 c per litre.

The price of illuminating paraffin went up by between R1.51c per litre and R2.2c per litre.

 The price of LP gas also went up by R2.50c per kg.

AA spokesperson Layton Beard said the current data is indicating that ULP95 is set to decrease by around R1.97/litre and R1.92/l for ULP93. 

Diesel, which has been on an upward trajectory for the past couple of months, is set for a decrease of around 78c/litre. 

Beard says the unaudited data is also pointing to a decrease in the cost of illuminating paraffin of around 74c/l.

“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,” he said.

Beard said the data shows that more stable international oil prices are the main driver behind the potential decreases for November.

“The outlook for November will offer some much-needed relief to consumers, 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,” he added.

The official  adjusted fuel prices come into effect on 1 November, the first Wednesday of November.

 An announcement will be made by the Department of Mineral Resources and Energy.

ALSO READ Another hefty fuel price hike confirmed for October