Fuel price LATEST: High oil price bad news for SA motorists

The latest fuel projections from the Central Energy Fund (CEF) for November 2023 show some excellent news for petrol drivers and diesel car owners.

NOTE: This is an updated article with the latest petrol and diesel data

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This news comes on the back of massive price hikes for both petrol and diesel earlier this month, as reported by The South African website.

Below, the latest projections as received by The South African website from the CEF, effective Thursday, 19 October 2023.

If these market conditions were to remain consistent for the remainder of the month – an unlikely scenario with the rand/dollar exchange rate ever fluctuating and the oil price changing – a decrease of 196 cents is expected for petrol 93 octane motorists and a decrease of 201 cents for 95 users.

Meanwhile, diesel motorists would see something around a 86 to 91 cents per litre decrease.

Finally, illuminating paraffin is expected to decrease by 85 cents.

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FUEL PRICE IN SOUTH AFRICA IMPACTED BY TWO MAIN FACTORS:

1. The international price of petroleum products, driven mainly by oil prices

2. The rand/dollar exchange rate used in the purchase of these products

Oil price

At the time of publishing the brent crude oil price is $93.21 a barrel.

Exchange rate

At the time of publishing the rand/dollar exchange rate is R19.08/$.

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The final overall price changes for both petrol and diesel will be confirmed in the weeks ahead with the new prices coming into effect at midnight on Tuesday, 7 November.

Go easy on the accelerator until then, Mzansi.

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The current OCTOBER 2023 petrol and diesel prices (Inland and Coastal):