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Petrol price to drop as oil eases for October month

In the wake of oil prices decreasing in October, the petrol price is set for a slight drop across the board, a welcome relief to our budgets.

Motorists will be thrilled to know that the petrol price is set for a slight drop across the board in the wake of the oil price that is decreasing in October. This is according to the AA, which commented on unaudited month-end fuel price data released by the Central Energy Fund (CEF).

The latest data that was updated by the CEF showed that 95-unleaded petrol price could possibly be lowered by nine cents p/litre, while the petrol price for 93 unleaded could be 18 cents cheaper.

The current price for 93 unleaded is R15.79, 95 unleaded is R16.21 (Gauteng), and R15.57 coastal.

The Automobile Association (AA) says, “The rand has pulled back from its high point at the start of October. This ongoing decline in the average exchange rate has meant that most of its losses have been clawed back, and it will have only a modest impact on the fuel price”.

petrol station

The Association furthermore mentioned that international oil prices have declined slightly as October wore on.

“As a result, we are anticipating November drops between eight and 18 cents for petrol, 14 cents for diesel, and 21 cents for illuminating paraffin.”

The AA has noted that the oil price ticked up slightly from its late-October plateau and says that this could be a start to a strengthening trend into November.

“Whatever happens to the oil price and rand from this point affects the price motorists will be paying at the pumps at Christmas. It remains to be seen whether this month’s reductions will continue for the rest of the year.” The AA concludes.

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Images: iStock

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