The Department of Mineral Resources and Energy (DMRE) has released the official petrol and diesel price adjustments for the month of November, and while some relief is in sight for consumers, prices remain stubbornly high, dampening expectations of significant relief at the pump.
In a statement issued today, the DMRE revealed that the petrol and diesel price adjustments for November are indeed lower than expected, with both grades of petrol set to decrease by R1.78 per litre and diesel prices dropping by varying amounts.
This means that inland residents will now pay R23.44 for a litre of 93 Unleaded petrol and R23.90 for 95 Unleaded, while coastal communities will see prices at R23.18 for the latter.
However, diesel prices continue to pose a significant burden, with 500ppm diesel now costing R23.44 at the coast and R24.16 inland, while 50ppm is pegged at R23.69 and R24.40 in the respective zones.
When purchasing at retail stations, consumers should anticipate paying around R2 or more on top of these wholesale prices for diesel.
The DMRE attributed the downward adjustments to lower international oil prices during the review period.
The average price of Brent Crude oil for the month of November was $88.72, down from the previous month’s median of $91.86.
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However, a weakening South African rand had a negative impact, shaving about seven cents from the overall reduction.
While initial expectations hinted at petrol price cuts of over R2, these hopes were offset by a 31 cent increase in the Slate Levy.
This levy, aimed at compensating oil companies for oil price fluctuations in the previous month, effectively reduced the extent of the fuel price drop.
Despite the welcome relief brought by November’s fuel price decreases, the Automobile Association expressed its concerns regarding prices that remain historically high.
This year has seen a series of fuel price increases that have taken a toll on consumers.
The association stressed the need for a sustainable solution to mitigate rising fuel costs, emphasizing that until such a solution is found, citizens will remain vulnerable to the impact of fuel price hikes.
As South African consumers grapple with the ongoing challenge of high fuel prices, the search for long-term solutions to provide economic relief continues to be a pressing issue for the nation.
