Fuel price drop anticipated in November, says AA

FUEL prices are set for slight decreases across the board in the wake of oil price retreats in October.

According to the AA, which was commenting on unaudited month-end fuel price data released by the Central Energy Fund (CEF).

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“The Rand has pulled back from its high point at the start of October. This ongoing decline in the average exchange rate has meant that most of its losses have been clawed back, and it will have only a modest impact on the fuel price,” said the AA.

“As a result, we are anticipating November drops of between eight and 18 cents for petrol, 14 cents for diesel, and 21 cents for illuminating paraffin,” they added.

According to the AA oil ticked up slightly from its late-October plateau and that this could be the start of a strengthening trend into November.

“Whatever happens to the oil price and Rand from this point affects the price motorists will be paying at the pumps at Christmas. It remains to be seen whether this month’s reductions will continue for the rest of the year,” said AA.

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