South African motorists can look forward to a petrol and diesel price cut next week thanks to stable global oil prices.
Also read: Preliminary data hints that November may bring relief at the petrol pumps
The Department of Mineral Resources and Energy will announce the fuel price changes before they come into effect on Wednesday, 6 December.
The Central Energy Fund’s (CEF) latest daily under and over-recovery figures indicate an R1 petrol price cut, while diesel is expected to decrease between R2.22 and R2.28 per litre.
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Business Tech reports that the rand is still contributing to an over-recovery of between 32 and 28 cents per litre in local fuel prices. However, international product prices are contributing 66 cents per litre for petrol and R1.90 per litre for diesel.
Due to this, petrol prices could reach R22.90 for 95 grade, and diesel prices could drop to just over R20 per litre before the festive season.
The rand’s positive contribution to the over-recovery is attributed to its wide range trading against the dollar during November, which averaged around R18.50 compared to the R19.10 average in October.
Furthermore, oil prices have significantly decreased to less than $80 a barrel since November.
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