JOHANNESBURG - Much to the relief of South African motorists, fuel prices are set to come down in October, but while the petrol price cuts will be modest, those filling up with diesel can look forward to significant savings.
According to the Automobile Association, late-month fuel price data released by the Central Energy Fund shows that diesel prices are likely to fall by around 93 cents from Wednesday, October 7, while 93 Unleaded petrol will go down by about 24 cents and 95 Unleaded by 33 cents.
This will bring the price of 95 Unleaded down to R14.15 at the coast and R14.83 inland, where 93 ULP will now retail at around R14.65. Diesel prices are deregulated, meaning the price you pay will differ from station to station.
While the rand and oil prices played in South Africa’s favour during most of September, the recent currency weakness and rising international fuel prices could spell trouble ahead for motorists if these trends persist.
While the rand dipped as low as R16.10 earlier in the month, in recent days it has tested the R17 mark, and this has unfortunately coincided with the strengthening of international petroleum prices.
"It is too early to tell whether the spikes in both were a blip or the start of a more sustained reversal, but motorists should continue to be wary given the ongoing instability in both local and global economies," the AA said.
At the time of writing, the South African rand was trading at R17.08 to the US dollar, while brent crude was listed at $42.88.