Latest petrol price predictions promise a big fuel price cut this November

As we edge nearer to November, the Central Energy Fund (CEF) has provided some fresh insight into the coming fuel price adjustments South African motorists can expect to see. The Department of Mineral Resources & Energy (DMRE) is, of course, responsible for adjusting these prices at the beginning of the new month.

This typically takes place on the first Wednesday of the new month — in this case, Wednesday, 5 November. The CEF, in conjunction with the DMRE, keeps track of the economic factors that influence the price of fuel locally, such as the average Rand/US Dollar exchange rate and cost of oil products globally throughout October.

Major petrol gains this November

We should note that the CEF’s figures (below) aren’t final and are subject to change. They do, however, offer South African motorists the most accurate representation of the coming fuel price changes. The final decision is made by the DMRE, typically on the last Friday of the month, before announcing the changes the following week.

Petrol drivers are getting the better end of the deal in November, with the CEF projecting at least a 60c/l price decrease come November, while diesel drivers will see a smaller (but still welcome) 30c/l decrease. This can, of course, change in the coming weeks, should oil prices surge or the Rand weaken compared to the Dollar.

According to Bloomberg, oil prices have remained steady in recent days thanks to “trade talks between the US and China later this week,” with Brent prices trading near $61/barrel, and resulting in the projected ‘over-recovery’ (price decrease). Continually falling prices could mean even better things for SA’s fuel prices.

We’ll continue to update motorists throughout October to help them best prepare for the coming price decreases.