Newcastillians can anticipate a welcome reduction in fuel prices this November, according to preliminary mid-month data from the Central Energy Fund (CEF), as reported by the Automobile Association (AA).
The AA elaborated that the current data suggests a decrease of approximately R1.97/litre for ULP95 and R1.92/litre for ULP93. Furthermore, diesel, which has experienced a consistent increase over recent months, is expected to dip by around 78c/litre.
Additionally, the AA highlighted an anticipated reduction in the cost of illuminating paraffin by about 74c/litre based on the unaudited data.
“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,” stated the AA.
The CEF’s data indicates that stabilising international oil prices are the primary factor driving these potential reductions for November. However, the average weaker Rand-US Dollar exchange rate is tempering some of the potential decreases in 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 ongoing conflict in Israel,” concluded the AA.
It should be noted, that the official adjustments to fuel prices will take effect on 1 November 2023, coinciding with the first Wednesday of the month. The Department of Mineral Resources and Energy (DMRE) will announce the official adjustment.
We invite our readers to share their thoughts on the upcoming fuel price adjustments in the comment section below.
