Fuel Price Update: South Africans to Benefit from Reduced Costs
A Welcome Price Cut
The Central Energy Fund (CEF) has officially announced the new fuel prices set to take effect from midnight on Tuesday, 31 October.
In a piece of good news for motorists across South Africa, these changes bring a welcome reduction in fuel costs.
Petrol and Diesel Prices
Petrol prices are set to see a significant decrease, with a reduction of R1.78 per litre.
Diesel prices will also experience a drop, falling between 82 and 85 cents per litre.
Price Adjustments by Fuel Type
- Petrol 93: A decrease of 178 cents
- Petrol 95: A decrease of 178 cents
- Diesel 0.05%: A decrease of 85 cents
- Diesel 0.005%: A decrease of 82 cents
- Illuminating Paraffin: A decrease of 97 cents
Factors Impacting Fuel Prices
These price changes are influenced by two primary factors.
First, the international price of petroleum products, predominantly determined by global oil prices.
Second, the exchange rate between the South African rand and the US dollar plays a crucial role in the purchase of these products.
- Oil Price: As of the current update, the brent crude oil price stands at $89.17 per barrel.
- Exchange Rate: At the time of publishing, the rand/dollar exchange rate is R18.76/$.
Effective Date and Considerations
The adjusted fuel prices for both petrol and diesel will take effect at midnight on Tuesday, 31 October.
Until then, motorists are encouraged to exercise caution and conserve fuel.
Regional Price Variation
It’s worth noting that fuel prices tend to be lower at coastal regions compared to inland areas.
This is a long-standing trend in South Africa.
November 2023 Fuel Prices
Here are the new petrol and diesel prices for November 2023, both for inland and coastal regions:
- Petrol 93: R23.44
- Petrol 95: R23.90
- Diesel 0.05%: R24.17
- Diesel 0.005%: R24.40
- Illuminating Paraffin: R17.95
- Petrol 93: R22.72
- Petrol 95: R23.18
- Diesel 0.05%: R23.44
- Diesel 0.005%: R23.71
- Illuminating Paraffin: R17.02
These price adjustments offer some relief to South African motorists, especially as they gear up for the upcoming month.