The energy department announced that the retail price of petrol in South Africa will decrease by about 1.8% from November 4, while the price of wholesale diesel will drop by 1%.
The price of petrol will decrease by 27 cents to R14.59 rand per litre in the commercial hub of Gauteng province, the national benchmark for prices, while the diesel price will be 12 cents lower at R12.25 rand per litre.
- Petrol: Set to decrease by 27 cents.
- Diesel: Set to decrease by 12 cents.
- Illuminating Paraffin: Set to increase by 20 cents.
The petrol price was cut by up to 32c at the beginning of October.
The Rand has been gradually strengthening against the US Dollar, a trend that continued throughout the month of October. The exchange rate and oil pricing data have also seen more stability this month.
"This gradual appreciation has been mirrored by international oil prices, which softened throughout the month, with steeper reductions seen over the past 10 days."
Oil prices continued to come under pressure, particularly in the last part of October as fresh Covid-19 related lockdowns in Europe has taken a heavy toll on crude prices.