Fuel price: Petrol could drop by R2.00 in November 2023

The mid-month fuel price projections from the Central Energy Fund (CEF) for November 2023 show some good news for petrol drivers and diesel car owners.

NOTE: This is an updated article with the latest petrol and diesel data

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This news comes on the back of massive price hikes for both petrol and diesel earlier this month, as reported by The South African website.

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Below, the latest projections as received by The South African website from the CEF, effective Tuesday, 17 October 2023.

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If these market conditions were to remain consistent for the remainder of the month – an unlikely scenario with the rand/dollar exchange rate ever fluctuating and the oil price changing – a decrease of 196 cents is expected for petrol 93 octane motorists and a decrease of 200 cents for 95 users.

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Meanwhile, diesel motorists would see something around a 78 to 83 cents per litre decrease.

Finally, illuminating paraffin is expected to decrease by 79 cents.

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FUEL PRICE IN SOUTH AFRICA IMPACTED BY TWO MAIN FACTORS:

1. The international price of petroleum products, driven mainly by oil prices

2. The rand/dollar exchange rate used in the purchase of these products

Oil price

At the time of publishing the brent crude oil price is $91.82 a barrel.

Exchange rate

At the time of publishing the rand/dollar exchange rate is R18.84/$.

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The final overall price changes for both petrol and diesel will be confirmed in the weeks ahead with the new prices coming into effect at midnight on Tuesday, 7 November.

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Go easy on the accelerator until then, Mzansi.

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The current OCTOBER 2023 petrol and diesel prices (Inland and Coastal):

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