How much you can expect to save at the fuel pumps in October

Motorists can expect to save more at the pumps in October when fuel prices are adjusted next week.

The Automobile Association (AA) says unaudited data from the Central Energy Fund (CEF) indicate significant reductions to fuel prices across the board, making this the fifth consecutive decrease this year.

According to the CEF figures, ULP95 petrol is expected to drop by about R1.13/l while ULP93 is set for a drop of about R1.05/l. Diesel is expected to drop between R1.12/l and R1.10/l while illuminating paraffin will drop by about R1.08/l.

“The expected decreases are welcome and will provide relief to motorists. If these decreases are realised the cumulative impact of this fifth decrease is substantial. Considering, for example, ULP93 inland, the past four decreases amounted to about R3.36/l which brought about a saving of about R168 on a 50l petrol tank.

“If the expected decreases for October materialise, it will bring a saving of R220.50 for a 50l tank of ULP93 since May,” said the AA.

While international product prices remained stable from the middle of the month, the drop in oil prices is contributing significantly to the projected reductions. The stronger rand against the US dollar is playing a smaller role but is assisting in widening the over-recovery expected in October.

“Though we are expecting fuel to be cheaper in October, we remain committed to advocating for a sustainable solution to mitigating high fuel costs and believe it is still necessary. The AA again calls on the government to urgently initiate a transparent review of the fuel price and to involve all role players who have a stake in fuel pricing,” added the AA. 

The fuel pricing announcement for October by the mineral resources and energy department is expected on Monday before the adjustment at midnight on Wednesday.