Petrol price set for slight increase in November
Stronger international oil prices have kept up the pressure on South Africa’s local fuel prices, with a small increase on the cards.
This is according to the Automobile Association (AA) which was commenting on unaudited fuel price data released at mid-month by the Central Energy Fund (CEF).
It comes on the back of a slight decrease by 2 cents per litre for 93 EPU/LRP petrol, and an increase of 4 cents for 95 EPU/LRP petrol in October.
Diesel however, increased by as much as 53 cents and 51 cents per litre for 0.05% and 0.005% sulphur, respectively.
“In a reverse of last month’s trend, the rand/US dollar exchange rate has strengthened slightly, contributing about a four cents per litre drop in fuel prices across the board,” the AA said.
“However, international oil prices jumped in the first weeks of October, offsetting the gains made by the rand. As a result, the current data shows petrol up by three to five cents a litre, with diesel climbing by 19 cents,” the association said.
The AA said that international oil prices had begun to retreat in recent days, and that it was cautiously optimistic about the picture at month end.
“If the exchange rate continues with its slight downward trend and oil follows, fuel prices for November could be virtually unchanged or slightly cheaper,” the AA said.
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