Drop in #fuel price on the cards

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Motorists can expect another drop in the price of petrol and diesel in November.

The Automobile Association’s says the drop in the price of fuel is due to a stronger rand and softer international oil prices.

The organisation’s Layton Beard was commenting on unaudited month-end fuel price data released by the Central Energy Fund.

Beard says the current data shows that motorists could pay some 27 cents a litre less for petrol, with diesel could be around 11 cents a litre cheaper.

“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 rand has maintained its strength against the US dollar throughout October, with the firming trend accelerating in the past week.”

He says the 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.”

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