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Relief at pumps as fuel price drops for November

There's good news for South African motorists as the Automobile Association (AA) says that the fuel price is set for a solid decrease in November. Here's what you need to know.
Source: pixabay.com
Fuel prices are set for more reductions in November due to a slightly firmer Rand and softer international oil prices. This is according to the AA, which was commenting on unaudited month-end fuel price data released by the Central Energy Fund.

The current data shows that petrol will be down by as much as 27 cents a litre, with diesel lower by around 11 cents.

"The only fly in the ointment is illuminating paraffin, whose basic fuel price increased while petrol and diesel were falling, meaning a 15 cents a litre rise for the popular lighting and heating fuel is on the cards," the AA comments.

The rand has steadily gained ground against the US Dollar, possibly due to uncertainties around the US election.

"This gradual appreciation has been mirrored by international oil prices, which softened throughout the month, with steeper reductions seen over the past ten days," the AA notes.

The AA adds that exchange rate and oil pricing data has shown more stability over the past two months, suggesting that fuel prices have reached an equilibrium.

"We are hoping that this is the case because fuel price stability would come as a welcome relief to individuals and corporates alike in the current economic conditions," it concludes.


SOURCE

Cars.co.za
Cars.co.za is a leading online automotive retail portal that lists more than 70 000 vehicles stocked by hundreds of dealers countrywide, as well as the top-ranked branded SA YouTube channel. In 2015, Cars.co.za repositioned itself as a consumer champion by optimising its editorial content for the purposes of engaging and empowering its users. The Cars.co.za Ownership Satisfaction Survey, in association with Lightstone Consumer, and the Cars.co.za Consumer Awards – powered by WesBank, underlines the company’s objective to be the most comprehensive resource to South African vehicle buyers.
Go to: http://www.cars.co.za
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