fuel prices November.

AA predicts fuel prices for November. Image: iStock

AA predicts November fuel prices: here is what you can expect

In November, South Africa expects fuel price relief based on unofficial data from the CEF and insights from the AA.

fuel prices November.

AA predicts fuel prices for November. Image: iStock

As November approaches, South Africa is on the brink of welcome relief as fuel prices gear up for a significant downturn, based on unofficial mid-month data from the Central Energy Fund (CEF), according to insights shared by the Automobile Association (AA).

Hints for fuel prices in November

Present data hints at Unleaded Petrol 95 (ULP95) experiencing a drop of roughly R1.97 per liter, with ULP93 following suit with a decrease of about R1.92 per liter. Diesel, after months of steadily climbing, is poised for a notable decrease of approximately 78 cents per liter. Furthermore, preliminary data suggests that illuminating paraffin may witness a reduction of around 74 cents.

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These substantial decreases come at a pivotal juncture for South Africans who have been grappling with the financial strains imposed by elevated fuel prices, impacting both their travel and grocery expenses.

According to the CEF’s data, the driving force behind these forthcoming price drops for November primarily lies in the stabilization of international oil prices.

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Nevertheless, it is noteworthy that the weakening Rand-US Dollar exchange rate is exerting a modest influence on the otherwise positive outlook.

“The outlook for November brings a ray of hope for consumers, especially with the dip in diesel costs. Diesel holds a critical role in pivotal sectors, including agriculture, mining, and manufacturing. Price fluctuations in this essential fuel often translate into escalated costs for fundamental commodities.

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“Yet, with two weeks remaining before the official November adjustment, the ongoing conflict in Israel looms as a potential factor that could impact oil prices and subsequently influence the final calculations,” emphasized the AA.

When will the adjustments take place?

The official adjustment of fuel prices is set to take effect on 1 November, coinciding with the initial Wednesday of the month.

ALSO READ: WATCH: November 2023 fuel price updates [VIDEO]

The Department of Mineral Resources and Energy (DMRE) will be the authority responsible for the official announcement of these changes.