In some welcome news for motorists feeling the pinch at the pumps, the Automobile Association says the price of petrol and diesel in South Africa looks set to drop early in November 2020.
Commenting on unaudited mid-month fuel price data released by the Central Energy Fund, the AA said “despite some fluctuations in international oil prices, the basic fuel prices were trending slightly downwards”.
Based on current data, the AA says petrol is set to drop by 14 cents a litre for 93 unleaded and 17 cents a litre for 95 unleaded, while diesel will be down by around 20 cents. Illuminating paraffin will see an increase of five cents.
"So far in October we have seen both the Rand/US dollar exchange rate and international oil prices working in South Africa's favour. After a large spike in the daily exchange rate in the second half of September, the Rand has returned to its previous leisurely strengthening trajectory, improving from around R16,70 to the dollar at the start of October to its current level of about R16,55," the AA states.
The Association says that despite some fluctuations in international oil prices, the basic fuel prices were trending slightly downwards and there definitely seems to be some stability returning to oil as the world's markets begin to find their equilibrium again.
"We hope these trends consolidate towards month-end, bringing much-needed relief to fuel users countrywide," the AA concluded.