It seems likely there might be slight petrol and diesel price cuts in November 2019 – some good news for cash-strapped motorists and other fuel users. The Rand has been strong and oil prices have been hinting to some petrol price relief.
The Automotive Association of South Africa in its petrol price prediction for November 2019 also did say some motorists will see an increase on their fuel while others will enjoy a drop in prices.
According to the latest data from the Central Energy Fund, there has been a strengthening in the Rand against the US Dollar while international oil prices have been falling. Trading around R14.60/US$, at the time of publishing, the Rand was at a strong level in more than a month, after reaching above R15.30 at the end of September.
Following a drone attack on a major Saudi Arabia oil processing plant, oil prices jumped to US$70 a barrel. At the time of publishing, Brent crude oil was trading around US$60 a barrel.
The Rand and falling oil prices make a great combination that could see some relief in fuel prices in November for cash-strapped motorists.
November 2019 petrol price prediction
According to this latest data from the Central Energy Fund, in November:
- Petrol prices could be cut by between 3c a litre(95 unleaded) to 15c (93),
- Diesel prices could drop by between 9c and 11c,
- Illuminating paraffin by 17c.
South Africa’s petrol and diesel are determined monthly and for most of 2019, there has been increases in fuel prices. Petrol and diesel prices increased in October for the eighth straight month.
The official fuel November 2019 petrol and diesel price announcement will be known in the coming week or early November. The question is, can the Rand and international oil prices maintain their current trend?