Cape Town – The latest data released by the Central Energy Fund suggests a decrease in petrol price, but a rise in the price of diesel in October.
According to IOL, mid-month data from the Central Energy Fund indicate that the price of 95 octane and 93 octane petrol is expected to drop between 50 cents and R1 per litre next month. This is dependent on the interaction between the international price and the Rand from now to the end of the month.
However, the same cannot be said for the prices of diesel. It will likely increase by approximately 70 cents a litre, while the price of paraffin is also expected to increase by around seven cents.
News24 reports that the oil price has dropped to its lowest level since January. This comes as concerns rise about energy demand, as steep interest rate hikes weigh on global economic growth.
Meanwhile, as oil prices trade below 100 US dollars per barrel, SABC News reports fuel prices could be pushed lower, with the anticipated decrease in global demand. However, it is unlikely for petrol to drop below R21 a liter.
South Africans will be clutching their hands in prayer, hoping that more drops in fuel prices are on the horizon.
Compiled by Junaid Benjamin