Lowvelders can expect some relief at fuel pumps in November

Lowvelders and the rest of the country can breathe a sigh of relief as fuel prices are set to decrease in November, according to the Automobile Association of South Africa (AA).

This is based on unaudited mid-month data from the Central Energy Fund (CEF).

The AA said the current data indicates that ULP95 is set to decrease by around R1.97/L and R1.92/L for ULP93. Diesel, which has been on an upward trajectory for the past couple of months, is set for a decrease of around 78c/L.

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It said the unaudited data is also pointing to a decrease to the cost of illuminating paraffin of around 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,” said the AA.

It said that 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 expected decreases off what is otherwise a positive outlook.

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The AA added that 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.

Officially adjusted fuel prices come into effect on November 1. An announcement on the official adjustment will be made by the Department of Mineral Resources and Energy.