Fuel prices expected to drop in South Africa next week

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Fuel prices expected to drop in South Africa next week

Motorists can expect fuel prices to drop in November, with month-end data from the Central Energy Fund showing over-recoveries for all grades of petrol and diesel.

The CEF’s data shows that petrol is showing an over-recovery of 24 to 27 cents per litre, while diesel is showing an over-recovery of around 11 cents per litre.

Illuminating paraffin, meanwhile, is showing an under-recovery of 15cents per litre, making it the only fuel that is expected to see a price increase.

The Department of Energy is expected to publish the official changes ahead of the new prices coming into effect on Wednesday, 4 November.

South African petroleum costs have been positively impacted by both a stronger rand and a lower oil prices over the last month.

While the rand has pulled back in sessions since the tabling of the medium term budget, earlier this week, the dollar has remained under persistent pressure throughout the month.

Dollar weakness is largely due to political anxiety ahead of the US presidential election being held next week – while other currencies like the euro and the British pound have faced headwinds from a second wave of Covid-19 infections in the region, leading to more restrictions on many Eurozone economies.

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