Johannesburg – Fuel prices are set to drop across the board, according to mid-month data from the Central Energy Fund (CEF).
Petrol could fall by 58c to 61c per litre, diesel by about 26c, and illuminating paraffin by 12c. The expected cuts come despite recent rand volatility, thanks to a combination of a stronger rand/dollar exchange rate and declining global oil prices.
The rand has traded between R17.07/$ and R17.50/$, showing resilience even amid global uncertainty. Analysts say its performance has been supported by a weaker US dollar, rising gold and platinum prices, and strong local trade conditions — factors that could help it push below R17/$ again in coming weeks.
Meanwhile, oil prices have slipped to around $62.40 a barrel due to US-China trade tensions and forecasts of a record global crude surplus. The International Energy Agency expects supply to exceed demand by nearly 4 million barrels per day next year, which could keep prices under pressure.
Here is the expected November outlook if current trends continue:
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Petrol 95 (inland): R21.63 → R21.05
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Petrol 95 (coastal): R20.80 → R20.22
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Diesel 0.005% (inland): R19.39 → R19.13
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Diesel 0.005% (coastal): R18.63 → R18.37
Final prices will be confirmed by the Department of Mineral Resources and Energy closer to implementation.
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Compiled by Betha Madhomu
