A DROP in FUEL prices coming next week?
Exciting news for South African motorists as it seems there is a DROP in fuel prices for November according to the latest data.
There is good news for drivers in South Africa,as a drop in fuel prices can be anticipated at fuel stations starting next week.
The most recent data from the Central Energy Fund reveals an excess in both petrol and diesel prices, indicating a forthcoming decrease.
According to Business Tech, petrol prices are anticipated to drop by roughly R2.00 per liter, and diesel prices could decrease by R1.00 per liter.
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IS A DROP IN FUEL PRICES COMING NEXT WEEK?
Petrol prices should be coming down by around R2.00 per litre, while diesel prices are looking at a R1.00 per litre drop.
With only a few days left in the month, it’s unlikely that the over-recovery will change significantly over the next six days.
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This notable price reduction primarily results from shifts in international product prices, which decreased from their September highs, leading to an October price increase.
Two weeks ago, oil prices surged due to the conflict between Hamas and Israel in the Middle East, raising concerns about future oil prices.
Despite these concerns, oil prices dropped this week because of a stronger dollar. The robust dollar also devalued the rand, causing it to trade above R19.00 to the dollar again after a minor improvement earlier this week.
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Bloomberg analysts reported that the global benchmark, Brent Crude oil, fell below $90 per barrel following a 2.3% increase in the prior session.
ONGOING CONFLICT CAN AFFECT THE RATES
Nonetheless, there’s a chance that prices could surge soon after Israel’s Prime Minister Benjamin Netanyahu announced plans to invade Gaza.
This move reignited concerns, leading to a resurgence in the war premium on oil futures that had been diminishing recently.
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The persistent threats in the Middle East, the United States restricting Iranian exports and potential shipping disruptions. Diplomatic efforts to prevent a broader conflict are ongoing.
Fuel price adjustments in South Africa are scheduled for Wednesday, 1 November . The official announcement is anticipated from the Department of Mineral Resources and Energy before that date.