Motorists can breathe a sigh of relief as fuel prices are expected to decrease in next month, based on unaudited mid-month data from the Central Energy Fund (CEF).
According to the Automobile Association (AA), current data indicates that ULP95 is set to decrease by around R1,97/litre and R1,92/litre for ULP93. Diesel, which has been on an upward trajectory for the past number of months, is set for a decrease of around 78c/litre. The unaudited data is also pointing to a decrease in the cost of illuminating paraffin of around 74c/litre.
“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,” the AA said.
According to the CEF’s data, more stable international oil prices are the main driver behind the potential decreases, although the average weaker Rand-US Dollar exchange rate is shaving some of the possible decreases off what is otherwise a positive outlook.
“There are still two weeks before the official adjustment, which could still be negatively affected by the upward trajectory of oil prices due to the ongoing conflict in Israel.”
Officially adjusted fuel prices come into effect on Wednesday 1 November after an announcement by the Department of Mineral Resources and Energy.
