SA fuel prices for November 2023 looking positive. Picture: File.
GOOD news: SA fuel prices for November 2023 set for major drop
Latest indicators suggest a major drop in SA fuel prices for November 2023, says the Automobile Association (AA).
SA fuel prices for November 2023 looking positive. Picture: File.
First the Springboks make the 2023 Rugby World Cup semi-finals, now SA fuel prices for November 2023 look set for a huge decrease. Time to count our blessings …
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According to the Automobile Association (AA), SA fuel prices for November 2023, which come into effect on Wednesday 1 November 2023, should see a major decrease across the board.
SA FUEL PRICES FOR NOVEMBER 2023
Based on unaudited mid-month data from the Central Energy Fund (CEF), the Automobile Association (AA) projects:
“ULP95 is set to decrease by around R1.97/litre and R1.92/litre for ULP93. Diesel, which has been on an upward trajectory for the past couple of months, is set for a decrease of around 78c/litre. Likewise, unaudited data points to a decrease in illuminating paraffin of around 74c/litre,” says the AA.
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Consequently, the AA believes these decreases come at a critical time for South Africans at the end of the year. We’ve all had to dig deeper into our pockets to fill up vehicles and food trolleys with successive cycles of fuel-price increases.
STABLE OIL PRICES
CEF data credits more stable international oil prices for the positive outlook of SA fuel prices in November 2023. However, the weaker Rand-US Dollar exchange rate is shaving some of the possible decreases off.
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“The outlook for SA fuel prices for November 2023 will offer some much-needed relief to consumers. Especially with the decrease of diesel which is a big input cost in major sectors such as agriculture, mining, and manufacturing. Diesel increases here often contribute to increased prices of basic commodities,” concludes the AA.
PROPOSED FUEL PRICE CHANGE
| Petrol 93 | decrease of 192 cents |
| Petrol 95 | decrease of 197 cents |
| Diesel 0.05% | decrease of 72 cents |
| Diesel 0.005% | decrease of 78 cents |
| Illuminating Paraffin | decrease of 74 cents |
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The timing could not be better for the South African Reserve Bank (SARB). It’s believed more interest rate hikes were on the way to absorb repeated fuel-price increases. Officially adjusted SA fuel prices for November 2023 will be announced by the DMRE ahead of 1 November 2023.
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