REMINDER: The reduced petrol prices effective at MIDNIGHT

Motorists in South Africa had a reason to celebrate on Monday upon hearing that petrol and diesel prices for October were expected to drop significantly.

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As per the Central Energy Fund (CEF), these will be the fuel price changes effective from midnight on Tuesday, 1 October.

Go easy on the accelerator until then if you can!

The price of petrol 93 at the coast will now cost R19.94 per litre (and R20.73 inland).

That represents a dramatic decrease since it hit its high this year of R24.36 on 1 May.

That represents a R4.42 drop per litre in the last five months.

If you car’s petrol tank capacity is 40 litres, that equates to R176.80 less to fill up!

The last time petrol 93 cost under R20 / litre at the pumps was in February 2022.

And there could be even more good news in November!

Should the current stronger rand and low oil prices continue (as they have in recent weeks), further cuts could well be on the cards in early November.

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 $71.81 a barrel.

Exchange rate

At the time of publishing the rand/dollar exchange rate is R17.24/$.

Correct as at time of publishing

The NEW October 2024 petrol and diesel prices (Inland and Coastal):