Slight fuel price adjustments were announced by Mineral Resources and Energy Minister Gwede Mantashe on Monday. Much to the relief of motorists, petrol prices will fall.
The changes will come into effect on Wednesday this week.
Mantashe said international factors determining this month’s prices include that South Africa imports both true oil and finished products at a price set internationally.
The Rand/US dollar exchange rate saw the Rand strengthen slightly, which led to lower contributions to the basic fuel prices of petrol and diesel, the department said.
The Brent Crude oil price also decreased slightly. There is an oversupply of crude oil globally, with renewed lockdown measures implemented across Europe impacting supply and demand.
The decrease in international prices of all refined petroleum products contributed to the overall prices of fuel for November.
Unleaded 93, 95 and LRP will decrease by 27 cents/litre. Diesel will decrease by between 11 and 12 cents a litre.
Illuminating paraffin will increase by 15 cents a litre. Gas will also increase, by 26 cents a kilogram.
According to the Automobile Association, the increased stability in the form of oil pricing data and the exchange rate over the past two months suggests that fuel prices have reached an equilibrium.
This would mean permanent fuel price stability, a welcome relief in the face of such uncertain times, the AA said.
Prices for different regions will be published by the department on Tuesday.
(Compiled by Nica Richards)