Early petrol price predictions for November are here – with another drop on the way

After what was certainly a shaky start where the country’s petrol and diesel prices are concerned at the beginning of 2024, things have taken a turn for the better. Since June of this year, South African motorists have experienced a flurry of fuel price drops, with October’s drop bringing about the fifth consecutive price cut for 2024. And now, the Central Energy Fund (CEF) is foretelling even more petrol price gains this November.

That’s just what the early predictions are telling us, mind you. A lot can change between now and the beginning of November – when the Department of Mineral Resources and Energy officially adjust the country’s fuel pumps. Until that happens, we’d advise keeping excitement levels on the low side. Just to be safe, you know?

It’s all comin’ together

It’s worth mentioning (again) that the CEF’s figures down below are not indicative of the official fuel prices at the start of a new month. That’s a job for the Department of Mineral Resources and Energy, which reviews the CEF’s findings at the end of any given month and determines the official price based on the averages of several economic factors.

Those are the current Rand/US Dollar exchange rate, and the price of fuel internationally, which the CEF tracks daily. A Stronger Rand and cheaper fuel prices equate to cheaper prices on the pumps at home. The latest predictions, captured on 7 October, show us a smaller cut in the 30-40c/l range, due to a slightly higher price of refined oil internationally, compared to September.