Following a significant reduction in petrol prices in September, South African motorists could expect further relief at the pumps in October. The latest daily snapshot from the Central Energy Fund (CEF), released on September 13, 2024, indicates that petrol and diesel prices are set to decrease once again, offering much-needed financial relief to consumers grappling with high living costs.

According to the data, these are the expected changes in fuel prices for October:

Petrol 95: A decrease of around 126 cents per litre.
Petrol 93: A decrease of around 117 cents per litre.
Diesel (0.05%): A decrease of around 109 cents per litre.
Diesel (0.005%): A decrease of around 110 cents per litre.
Illuminating paraffin: A decrease of around 104 cents per litre.

However, the Department of Mineral Resources and Energy (DMRE) cautioned that these projections, based on the daily snapshot data, are not final. Factors such as the slate levy or retail margin adjustments could still impact the final prices.

The Trend in Petrol Prices

South Africa has seen a steady decline in fuel prices since June 2024, bringing some relief to consumers after a period of escalating costs.

In June 2024, 93 leaded petrol was priced at R23.91 inland and R23.46 at the coast, while unleaded 95 petrol cost R24.25 inland. Diesel (0.05%) was R20.96 inland and R20.17 on the coast.
In July 2024, petrol prices dropped to R22.86 for 93 leaded inland and R22.47 at the coast. Unleaded 95 petrol fell to R23.26 inland. Diesel (0.05%) costs R20.66 inland and R19.87 at the coast.
In August 2024, 93 leaded petrol was R22.71 inland and R22.32 at the coast, while unleaded 95 petrol cost R23.11 inland. Diesel (0.05%) dropped to R20.38 inland and R19.59 on the coast.
In September 2024, 93 leaded petrol was R21.79 inland and R21.40 at the coast, with unleaded 95 petrol at R22.19 inland. Diesel (0.05%) costs R19.59 inland and R18.80 on the coast.

Economic Relief Amid Rising Costs

For vehicle owners and industries heavily reliant on fuel, this projected reduction in prices could offer significant economic relief. The fuel price cuts come at a time when many South Africans are grappling with increased costs of living, making this decrease a welcome respite.

While these projections are positive, South Africans will need to wait for the final confirmation from the DMRE closer to the end of September.