WITH an over R1 decrease expected in fuel prices, motorists can expect to save more at the filling pumps from next week.
According to the Automobile Association (AA), current unaudited data from the Central Energy Fund (CEF) indicate significant reductions to fuel prices across the board, making it the fifth consecutive decrease this year.
The association said according to the CEF’s figures, ULP95 petrol price is expected to decrease by about R1.13 per litre, while ULP93 is set for a drop of around R1.05. Diesel is expected to drop between R1.10 and R1.12 per litre and illuminating paraffin by R1.08.
Layton Beard, spokesperson for the AA, said the expected decreases are welcomed 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 per litre, which brought about a saving of around R168 on a 50 litre petrol tank.
“If the expected decreases for October materialise it will bring a saving of R220.50 for a 50l tank using ULP93 since May,” he said.
Beard 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 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,” he said.
The official fuel pricing announcement for October by the Department of Mineral and Petroleum Resources (DMPR) is expected on Monday, September 30, ahead of the adjustment at midnight next Wednesday, October 2.