Johannesburg – International oil prices have fallen to four-month lows, raising hopes for significant fuel price cuts in South Africa this November.
According to unaudited data from the Central Energy Fund (CEF), petrol prices could drop by around 48 to 51 cents per litre, while diesel may decrease by about 10 cents.
If current trends persist, the reductions could be even steeper — up to 70 cents for petrol and 30 cents for diesel.
The potential cuts are driven by a stronger rand, currently trading around R17.21 to the US dollar, and lower global oil prices, with Brent Crude dipping below $65 per barrel — a 6.5% drop from last week’s peak.
OPEC+’s gradual increase in oil production and the rand’s recovery are supporting the over-recovery trend.
Currently, 95 Unleaded petrol costs R20.84 at the coast and R21.63 in Gauteng, while diesel prices remain relatively stable at around R18.63 (coast) and R19.39 (inland).
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Compiled by Betha Madhomu
