October fuel price drop on the cards

Good news is on the horizon as motorists can expect a further drop in the price of fuel in October.

This is according to mid-month data from the Central Energy Fund (CEF), which shows an over-recovery of both petrol and diesel prices to the tune of more than R1 per litre.

This significant over-recovery began at the start of the month and is continuing.

The over-recovery for petrol is between R1.22 and R1.30/litre, while diesel shows an over-recovery of between R1.11 and R1.13/litre, and illuminating paraffin of around R1.05/litre.

Next month’s potential drop follows a dip of R92c/litre in petrol, R1.05/litre for diesel, and R1.38/litre for illuminating paraffin.

Economic factors included a decrease in the average international product prices for petrol, diesel and illuminating paraffin, as well as the ZAR strengthening against the US dollar.