Slight fuel relief at the pumps in November
Motorists and commuters can expect some fuel relief in November, following record prices for both petrol and diesel in October.
AFTER paying record prices for petrol and diesel at the pumps during October, South African motorists can look forward to a bit of relief from November 4, with month-end data from the Central Energy Fund (CEF) pointing to potential price cuts.
Combined with temporary fuel relief measures announced by Finance Minister Enoch Godongwana, the General Fuel Levy will be reduced by R1.50 per litre for petrol and R3.00 for diesel.
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The CEF indicates that prices could drop by up to 50 cents for 95 Unleaded and 93 cents for 93 Unleaded and diesel price reductions of R1.58 for 500ppm and R1.68 for 50ppm are likely.
The fuel levy relief as it stands will only run from November 4 until December 1, before the reductions decrease to R1.00 and R1.50 respectively from December 2 to January 5, 2027.
Other factors including the Slate Levy, which will be announced by the Department of Mineral and Petroleum Resources, may also influence the final fuel prices.
If all goes as predicted, motorists will pay around R28.96 at the coast. Diesel is also predicted to fall below R30 per litre, at around R29.50 for 500ppm and around R30.25 for 50ppm.
Conflict continues to escalate in the Middle East
Oil prices internationally rose due to escalating conflict over the Strait of Hormuz.
Since the conflict began, petrol prices surged by almost R10 per litre, while diesel skyrocketed to around R13.
Godongwana recently said that the government wants to eventually phase out the General Fuel Levy, however, making up around R80b in annual revenue it generates would be a significant hurdle. He further expressed the need for a rethink of Road Accident Fund funding.
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