Another R1+ petrol price decrease is on the cards for October

It almost seems too good to be true, doesn’t it? After what turned out to be a stellar month for South African motorists in September thanks to the fifth consecutive petrol and diesel price drop, we weren’t all that keen to see how the Department would enact its revenge. It appears our fears were unfounded, what with the Central Energy Fund (CEF) foretelling yet another R1+ drop across the board for all petroleum-based fuels.

Keep those fingers crossed

That’s according to the fresh crop of data captured yesterday, 9 September. There’s still a long way to go before the first Wednesday of October – when the Department of Mineral Resources and Energy officially adjust the country’s pumps – but, barring any major economic shifts throughout September, we’re reasonably excited about the prospect of a fuel price drop.

There’s still a way to go before those figures down below can actually end up on the pumps, officially. The CEF, a state-owned energy company reporting to the Department of Mineral Resources and Energy, keeps track of the specific economic factors daily that can inflate, or in this case, deflate the country’s fuel prices every month.

Specifically, that involves keeping an eye on the current Rand/US Dollar exchange rate and the price of refined oil products, globally. The stronger the Rand, and the lower the international price of oil, the better it is for South African motorists. A continually strengthening Rand and lower oil prices internationally have regularly knocked prices down in recent months.

Without any further ado…