Motorists are in for more good news at the pumps with yet another, albeit smaller, decrease projected for November. Commenting on the first unaudited data report released by the Central Energy Fund on Thursday (15 October), the Automobile Association (AA) said it expects the price of petrol to drop by between 14 and 17 cents a litre, diesel by 20 cents but illuminating paraffin to increase by five cents come 4 November.
“So far in October, we have seen both the Rand/US dollar exchange rate and international oil prices working in South Africa’s favour. After a large spike in the daily exchange rate in the second half of September, the Rand has returned to its previous leisurely strengthening trajectory, improving from around R16.70 to the dollar at the start of October to its current level of about R16.55,” the AA said in a statement.
It however cautioned that international oil prices are slowly returning to normality after the chaos caused by the Coronavirus, which could result in the mentioned projection turning the other way come the end of October.
“We hope these trends consolidate towards month-end, bringing much-needed relief to fuel users countrywide,” the association added.