Get ready for some fuel price rollercoaster action, Mzansi! October saw petrol prices nudge upwards slightly, while diesel offered a small reprieve. But hold onto your hats, because November is shaping up to be a whole different ball game!
October's Fuel Price Adjustments
In October, 93 unleaded petrol increased by 1c per litre, and 95 unleaded rose by 8c. Diesel (0.05% sulphur content) decreased by 10c, and 0.005% sulphur-content diesel dropped by 8c. Illuminating paraffin also saw a decrease of 11c.
These changes, announced by Minister of Mineral and Petroleum Resources Gwede Mantashe, reflected fluctuations in international fuel prices and the rand's performance against the US dollar. The prices also factored in a 6.1 c/l increase to accommodate wage increases for forecourt employees.
Here's a quick recap of the October fuel prices per litre:
- 93 unleaded: R21.48
- 95 unleaded: R21.63
- Diesel 0.05%: R19.34
- Diesel 0.005%: R19.39
November: A Potential Price Drop on the Horizon!
Now for the good news! Early data suggests a significant drop in petrol prices for November. According to the Central Energy Fund (CEF), petrol prices could decrease by as much as 48 to 51 cents per litre, with potential for even deeper cuts up to 70 cents. Diesel might also see a drop of around 10 cents, possibly extending to 30 cents.
This potential relief is driven by a stronger rand (currently trading around R17.21 to the US dollar, its strongest in nearly a year) and declining international oil prices (Brent Crude below $65 per barrel, a four-month low).
Experts attribute the downward trend to OPEC+ gradually increasing oil output while global demand remains somewhat subdued. This combination of a firmer rand and softer oil prices is creating a strong over-recovery in local fuel prices.
If confirmed by the Department of Mineral Resources and Energy, these cuts would be a welcome reprieve for South African motorists after a year of price volatility.
Current fuel prices (as of the latest available data) are approximately:
- 93 Unleaded petrol: R20.69 (coast) and R21.48 (inland)
- 95 Unleaded petrol: R20.84 (coast) and R21.63 (inland)
- Diesel: R18.63 (coast) and R19.39 (inland)
While these figures are still unaudited and subject to change, the outlook for November is looking optimistic. Keep your fingers crossed that the rand stays strong and oil prices remain low!