Significant petrol price cut could be on the cards for November as oil prices fall
A fuel station attendant fills a car with fuel while a dog in the car looks on A petrol price reduction of over 50 cents is looking likely for November.
Image: Independent Newspapers Archives
International oil prices tested four-month lows late last week, and that could bring good news for motorists in November with early data showing significant fuel price reductions could be on the cards.
Unaudited data from the Central Energy Fund (CEF) is pointing to petrol price cuts in the region of 48 cents for 95 Unleaded and 51 cents for 95 Unleaded.
Diesel looks set for a more modest reduction in the region of 10 cents per litre for both grades.
However, if we see a continuation of current trends, as portrayed by the latest daily data, price cuts in the region of 30 cents for diesel and 70 cents for petrol could be on the cards.
This significant over-recovery for fuel prices is being driven by a stronger rand and lower international oil prices.
Late last week, the South African rand hit a one-year low of R17.17 to the US dollar, and the local currency is currently trading at R17.21.
The price of Brent Crude oil dropped below the US $65 per barrel mark on Monday, down from $70 since late September. While prices edged upwards slightly on Monday, closing at $65.51 on Monday after the OPEC+ cartel agreed to a modest production boost, oil is still 6.5% down on last week’s price peak, boding well for a continuation of the current over-recovery.
OPEC+ has been steadily increasing output in 2025, after implementing cuts in the previous two years, which was originally meant to be phased out by September 2026, Euro News reported.
South Africa has seen relatively stable fuel prices this year, with both petrol and diesel currently costing around the same level as they did in January.
Following October’s modest increase of eight cents per litre, 95 Unleaded currently costs R20.84 at the coast and R21.63 in Gauteng. 93 Unleaded, following this month’s one cent increase, costs R21.48.
Diesel saw modest October decreases of 10 cents for 500ppm and eight cents for 50ppm, with the latter now carrying a wholesale price of R18.63 at the coast and R19.39 inland.
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