AA predicts substantial fuel price cuts for October
The forecast was provided midway through the month and is subject to change before the official adjustments are made, the AA noted.
South African drivers are likely to see another substantial drop in fuel prices as the summer season begins, according to the Automobile Association (AA).
Based on preliminary figures from the Central Energy Fund (CEF), the AA indicated that both petrol grades, as well as diesel and illuminating paraffin, are expected to experience notable price reductions. This follows four consecutive price cuts earlier in 2024.
“The data suggests that ULP93 will drop by roughly R1.18 per litre, while ULP95 will decrease by around R1.26 per litre,” the AA reported.
“Diesel prices could see a significant reduction of about R1.10 per litre, with illuminating paraffin also projected to decline by approximately R1.04 per litre.”
The AA also noted that the upcoming reductions will bring petrol prices down to levels not seen since early 2022, specifically in March and April.
These predicted price cuts are largely due to a sharp decline in global oil prices. Additionally, the rand’s stronger performance against the US dollar has been a key factor contributing to the expected reductions.
“These lower fuel prices are certainly a positive development, helping to ease economic pressure on both businesses and individuals. While other challenges like rising interest rates and food costs remain, a drop in fuel expenses will provide some relief to many.”
The forecast for October was provided midway through the month and is subject to change before the official adjustments are made, the AA noted.
