Come October, South African motorists will see welcomed petrol price relief, as the latest Central Energy Fund (CEF) data indicates a more than R1.00 per litre over-recovery for both petrol and diesel.
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Should these price cuts arise within the next week, a massive cut in petrol prices amounting to R4.60, would be the result.
In October of 2023, petrol prices were still incredulous, at R25.68 per litre for petrol while diesel rested at R25.02.
A year later, in October 2024, expected price cuts places the yearly cost reduction at as much as R4.62 per litre for petrol and R6.63 per litre for diesel.
From October of last year until now, petrol 93 will see a reduction of R4.48 per litre, petrol 95 will see a reduction of R4.62.
Diesel 0.05% will see a reduction of R6.54 while diesel 0.005% will face an expected reduction of R6.63.
Petrol price cuts have largely been seen in 2024 as the upcoming cut will mark the fifth consecutive cut since May, while it marks the sixth cut for diesel.
Should the expected price cuts come to fruition, petrol prices in October will be set at R21.06 per litre. This is a noteworthy decrease from the R23.25 per litre in January.
The reduction is largely the result of weaker 2024 oil prices, driven by economic decline in global markets and the failure of oil-producing nations to effectively counteract the slowdown.
The petrol cut changes are expected to commence on Wednesday, 2 October, reports BusinessTech.
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Picture: Ekaterina Belinskaya / Pexels
