You have every right to be frightened when opening something containing the words ‘petrol’ or ‘diesel’ on Stuff.
That’s not our fault, though. The Department of Mineral Resources and Energy has increased the country’s fuel prices since June, with no sign of a reprieve in sight. Until now, that is, according to the latest data from the Central Energy Fund (CEF), which predicts the country’s fuel prices could be about to topple for the first time in months.
Good (petrol) news everyone!
If the country plays its cards right, we could see a R2/l drop in petrol and a 90c/l drop for diesel drivers come November. That’s if the CEF’s predicted figures are correct – which it gets by looking at the average price of Brent crude oil throughout the month and pairing it up with the current Rand/US Dollar exchange rate. We don’t have to be familiar with the ins and outs to know we like what we see.
Unfortunately, the CEF has no say in the country’s official fuel pricing. That’s a decision for the Department of Mineral Resources and Energy, which looks at all the same factors the CEF does and throws in a levy hike or two before disappearing back into the shadows before the next ritual commences. This month, you can expect the price change at midnight on Wednesday, 1 November.
Read More: VW announces new dedicated night driving safety course
You’d think, what with the Hamas-Israel conflict taking place, the price of Brent crude oil would be through the roof, right? Well, it is. Brent crude is trading for roughly $90 per barrel, down slightly from $94 a few days ago.
According to Investec analyst Annabel Bishop, October’s average oil price ($88/b) still hasn’t reached the peak of $92/b in September. This is odd, considering X wasn’t losing its mind over which side of the Hamas-Israel war was correct back in September. It might have something to do with the US decision to ease sanctions on Venezuelan oil late last week, ultimately relieving pressure to secure oil from the Middle East which… yeah, you already know.
Here are the fuel price predictions (so far) for November 2023:
- Petrol 93: decrease of 193 cents per litre (R1.93)
- Petrol 95: decrease of 198 cents per litre (R1.98)
- Diesel 0.05%: decrease of 93 cents per litre (R0.93)
- Diesel 0.005%: decrease of 89 cents per litre (R0.89)
- Illuminating Paraffin: decrease of 85 cents per litre (R0.85)