High oil price hurts chances of petrol, diesel price cut in November

The early data suggests that South Africa’s motorists could see another price cut at the pumps in November, but a higher oil price may scupper those hopes.

As reported by The South African website, petrol and diesel vehicle owners in Mzansi enjoyed a big cut in the cost of petrol and diesel last week.

And more good news could be on the way in early November.

However, the numbers have taken a turn for the worse in recent days as the rand depreciated against the dollar and the price of oil rose thanks to continued fighting in the Middle East.

Below, the latest projections as received by The South African website from the Central Energy Fund (CEF), effective Friday, 4 October.

If the market conditions were to remain consistent for the remainder of the month – an unlikely scenario with the rand/dollar exchange rate ever fluctuating and the oil price changing – a decrease of 62 cents is expected for petrol 93 octane motorists and a decrease of 57 cents for 95 users.

Meanwhile, diesel motorists would see something around a 53 cents per litre decrease.

Finally, illuminating paraffin is expected to decrease by 58 cents.

FUEL PRICE IN SOUTH AFRICA IMPACTED BY TWO MAIN FACTORS:

1. The international price of petroleum products, driven mainly by oil prices

2. The rand/dollar exchange rate used in the purchase of these products

Oil price

At the time of publishing the brent crude oil price is $79.01 a barrel.

Exchange rate

At the time of publishing the rand/dollar exchange rate is R17.37/$.

The final overall price changes for both petrol and diesel will be confirmed in the weeks ahead with the new prices taking effect at midnight on Tuesday, 5 November.

Go easy on the accelerator until then, Mzansi.

The current October 2024 petrol and diesel prices (Inland and Coastal):