Fifth consecutive fuel price drop on the cards

SOUTH AFRICA – Another fuel price drop is on the cards in October. This will be the fifth consecutive drop in petrol and diesel prices this year. The Automobile Association says the prices of both grades of petrol, diesel, and illuminating paraffin are expected to continue dropping following the four consecutive decreases already this year.

AA spokesperson Eleanor Mavimbela says the predictions are based on unaudited mid-month data from the Central Energy Fund. “According to the data, unleaded 93 will decrease by around R1,18 per litre, and unleaded 95 will decrease by around R1,26 per litre.

“Diesel is set to decrease considerably by around R1,10 per litre with illuminated paraffin set to decrease by around R1,04 per litre.”

More good news for consumers is that the South African Reserve Bank is also expected to cut interest rates by 25 basis points when it concludes its latest monetary policy meeting on Thursday.