The Department of Energy has published the official fuel price changes for October 2020, showing a decrease across all grades next week.
According to the department, the following adjustments will be made on Wednesday (7 October):
- Petrol 95: 32 cents per litre decrease
- Petrol 93: 23 cents per litre decrease
- Diesel 0.05%: 90 cents per litre decrease
- Diesel 0.005%: 93 cents per litre decrease
- Illuminating paraffin: 76 cents per litre decrease
The price changes come as both international petroleum prices decreased, and the rand strengthened against the dollar over the period under review.
The average rand/US dollar exchange rate for the period 28 August 2020 to 01 October 2020 was R16.72 compared to R17.28 during the previous period.
This led to a lower contribution to the Basic Fuel Prices on petrol, diesel and illuminating paraffin by 17.93 c/l, 16.42 c/l and 14.75 c/l respectively.
The Automobile Association warned that despite the favourable conditions for fuel prices, the rand is particularly volatile and may point to future uncertainty around petrol prices in the coming months.
“It is too early to tell whether the spikes in both (rand and international prices) were a blip or the start of a more sustained reversal, but motorists should continue to be wary given the ongoing instability in both local and global economies,” the AA said.
This is how prices will reflect at the pumps:
| Fuel (Inland) | September Official | October Official |
|---|---|---|
| 95 Petrol | R15.16 | R14.84 |
| 93 Petrol | R14.89 | R14.66 |
| 0.05% Diesel (wholesale) | R13.27 | R12.37 |
| 0.005% Diesel (wholesale) | R13.31 | R12.38 |
| Illuminating Paraffin | R7.16 | R6.40 |
Credit: @BusinessTech