Cape Town — With October fuel prices set to be confirmed next week, motorists can expect further relief at the pumps this month, marking another month of fuel price drops.
The Automobile Association (AA) revealed that unaudited data from the Central Energy Fund (CEF) indicated significant fuel reductions across the board, marking a fifth consecutive month of decreases, TimesLIVE reported.
The CEF figures say 93 unleaded will decrease by R1.05 per litre, while 95 unleaded will decrease by R1.13 per litre. Diesel is expected to fall between R1.10 and R1.12 per litre while illuminating paraffin will fall by R1.08 per litre.
The AA said the expected decreases will provide welcome relief to motorists, and if the decreases are realised, the cumulative impact will be significant. It gave the example that 93 unleaded would amount to a decrease of R3.36 per litre since June, amounting to an R168 saving on a 50-litre tank.
In January 2024, 95 unleaded cost R23.25 per litre, while diesel cost R21.06 per litre, before the first price change. After a few months of increases at the start of the year, there have been multiple price reductions since then.
For 2024, the net reduction for Diesel has been R2.19 while that figure is even better for petrol (R3.34).
The big reductions in fuel prices can be attributed to a much weaker oil price in 2024, which has been driven by economic slowdowns in global markets and the failure of oil-producing nations (OPEC) to effectively counter this.
The rand has generally been supportive in the month-to-month recovery calculations, but the currency is generally weaker against the US dollar compared to last year.
The changes will kick in from Wednesday, 2 October.
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Compiled by Matthew Petersen
