Fuel price set to drop next month

South African motorists could be breathing a collective sigh of relief as the month comes to an end with the news of a possible petrol price drop next month.

The Automobile Association of South Africa (AA), has attributed the price drop to falling international fuel prices which have outweighed a recent spike in the exchange rate.

Commenting on unaudited fuel price data from the Central Energy Fund, the AA noted that the landed fuel price has dropped by around ten percent since the last fuel price adjustment.’

The Central Energy Fund’s statistics to October 28 indicate there has been an over-recovery of 46c/l on 93 octane and 41c/l on 95 octane.

This could see the department lowering prices by the same margins if the rand and the oil price hold steady.

The Department of Energy would announce the final fuel price changes on Friday 31 October.