Great news for South African motorists! If the Central Energy Fund (CEF) is accurate, we're looking at another significant drop in petrol and diesel prices this November. Considering the CEF's track record, it's safe to get excited about potentially cheaper fuel.
Bigger Drops Than Expected!
Initially, projections suggested a 40c/l decrease for petrol and a 10c/l decrease for diesel. However, the CEF's latest figures (as of October 10th) are even more promising: a potential 60c/l drop for petrol and 25c/l for diesel! That's a substantial saving for South African drivers.
Mark Your Calendars: November 5th!
Keep in mind that these are just projections. The Department of Mineral Resources and Energy (DMRE) officially adjusts fuel prices, typically on the first Wednesday of each month. This means the final decision will likely be made around October 31st, with the new prices taking effect on Wednesday, November 5th.
Several factors influence fuel prices, including the Rand/US Dollar exchange rate and international oil prices. Fortunately, oil prices have been falling throughout October, settling around $65/barrel last week after a volatile September. This has led to an 'over-recovery' (price decrease) for petrol and diesel in South Africa.
- Petrol Price Decrease (Projected): 60c/l
- Diesel Price Decrease (Projected): 25c/l
- Decision Date: Around October 31st
- Effective Date: Wednesday, November 5th
The CEF's projections factor in these decreasing global oil prices, leading to the optimistic forecast for November. So, get ready to save at the pump, Mzansi!