Motorists can expect another drop in fuel price

Motorists can expect to save more at the pumps in October when fuel prices are adjusted next week.

The Automobile Association (AA) says current unaudited data from the Central Energy Fund (CEF) indicates significant reductions to fuel prices across the board, making this the fifth consecutive decrease this year.

According to the CEF’s figures, ULP95 petrol is expected to be decreased by around R1.13/litre while ULP93 is set for a drop of around R1.05/l.

Diesel is expected to drop between R1.12/l and R1.10/l while illuminating paraffin will drop by around R1.08/l.

“The expected decreases are welcome and will provide additional relief to motorists. If these decreases are realised, the cumulative impact of this fifth decrease is substantial.

“Considering, for instance, ULP93 Inland, the past four decreases amounted to around R3.36/l which brought about a saving of around R168 on a 50l petrol tank. If the expected decreases for October materialize it will bring a saving of R220.50 for a 50l tank using ULP93 since May,” the AA said.

While international product prices remained stable from the middle of the month, the drop in oil prices is contributing significantly to the projected reductions, the AA added. The stronger rand against the US dollar is playing a smaller role but is assisting in widening the over-recovery anticipated in October.

“Although we are expecting fuel to be cheaper in October, we remain committed to advocating for a sustainable solution to mitigating high fuel costs and believe it is still necessary. The AA again calls on the government to urgently initiate a transparent review of the fuel price and, critically, to involve all role players who have a stake in fuel pricing,” the AA said.

The official fuel pricing announcement for October by the Department of Mineral and Petroleum Resources (DMPR), is expected on Monday ahead of the adjustment at midnight Wednesday.

-Cape Times

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