South Africans can breathe a sigh of relief as fuel prices are set to decrease in November, based on unaudited mid-month data from the Central Energy Fund (CEF), says the Automobile Association (AA).
The data is indicating ULP95 is set to decrease by about R1.97/litre and ULP93 by R1.92/l. Diesel, which has been on an upward trajectory for the past couple of months, is set for a decrease of about 78c/litre. The unaudited data is also pointing to a decrease in the cost of illuminating paraffin of about 74c/l.
“These significant decreases will come at a very critical time for South Africans who have had to dig deeper into their pockets to fill up their vehicles and food trolleys with the previous cycles of fuel increases,” says the AA.
According to the CEF’s data, more stable international oil prices are the main driver behind the potential decreases for November though the average weaker rand-US dollar exchange rate is shaving some of the possible decreases off what is otherwise a positive outlook.
“The outlook for November will offer some much-needed relief to consumers, especially with the decrease of diesel which is a big input cost in major sectors such as agriculture, mining, and manufacturing, and an increase here often contributes to increased prices of basic commodities. There are still two weeks before the official adjustment for November which could still be negatively affected by the upward trajectory of oil prices due to the conflict in Israel,” says the AA.
Officially adjusted fuel prices come into effect on November 1, the first Wednesday of November. An announcement on the official adjustment is announced by the department of mineral resources & energy.
Fuel prices set for substantial drop in November, says AA
Image: alphaspirit / 123rf
South Africans can breathe a sigh of relief as fuel prices are set to decrease in November, based on unaudited mid-month data from the Central Energy Fund (CEF), says the Automobile Association (AA).
The data is indicating ULP95 is set to decrease by about R1.97/litre and ULP93 by R1.92/l. Diesel, which has been on an upward trajectory for the past couple of months, is set for a decrease of about 78c/litre. The unaudited data is also pointing to a decrease in the cost of illuminating paraffin of about 74c/l.
“These significant decreases will come at a very critical time for South Africans who have had to dig deeper into their pockets to fill up their vehicles and food trolleys with the previous cycles of fuel increases,” says the AA.
According to the CEF’s data, more stable international oil prices are the main driver behind the potential decreases for November though the average weaker rand-US dollar exchange rate is shaving some of the possible decreases off what is otherwise a positive outlook.
“The outlook for November will offer some much-needed relief to consumers, especially with the decrease of diesel which is a big input cost in major sectors such as agriculture, mining, and manufacturing, and an increase here often contributes to increased prices of basic commodities. There are still two weeks before the official adjustment for November which could still be negatively affected by the upward trajectory of oil prices due to the conflict in Israel,” says the AA.
Officially adjusted fuel prices come into effect on November 1, the first Wednesday of November. An announcement on the official adjustment is announced by the department of mineral resources & energy.
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