Relief at pumps as fuel price drops for November

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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.