Cape Town – In November, South African motorists will face slight fuel price increases, following several months of reductions.
The Central Energy Fund’s (CEF’s) data on fuel price adjustments shows that the rises are expected to be modest, with a litre of unleaded 95 petrol increasing by 29 cents and unleaded 93 by 17 cents.
Despite the slight uptick, both petrol and diesel prices remain significantly lower than in May 2024, with decreases exceeding R4 per litre for petrol and over R3 for diesel.
Recent geopolitical tensions, including Middle Eastern conflicts, caused fluctuations in the oil market.
An anticipated Israeli attack on Iran’s oil infrastructure did not materialize, easing oil prices, which peaked at over $80 per barrel in early October 2024 but dropped to $75 by late October.
Meanwhile, international diplomatic efforts, including ceasefire discussions involving the US, Israel, and Qatar, have contributed to stabilising oil prices.
Analysts suggest that Israel is unlikely to target Iran’s oil infrastructure due to the logistical challenges and potential diplomatic fallout.
Investors now focus on oil demand in major markets like the US and China for future pricing trends.
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Compiled by Betha Madhomu