More Fuel Price Cuts Expected

More Fuel Price Cuts Expected

Motorists could be in for some festive cheer.

Only days after the petrol price was lowered by 45c a litre, and diesel by 61c, statistics from the Central Energy Fund show that the price could come down again before the end of the year.

It is still early in the month, but if the rand’s exchange rate to the dollar stays at current levels, and the oil price doesn’t move much higher, fuel prices could be adjusted downward by the most so far this year.

The CEF’s daily statistics show that the average over-recovery so far has been 86c/litre for 93 octane and 84c for 95. On diesel the over-recovery has been 76c.

The size of such an over-recovery is usually a good indication of the amount by which fuel prices will be cut.

The new price will be announced by the Department of Energy on November 28.

TJ Strydom