Petrol price are likely to be decreased in South Africa, shows the Central Energy Fund (CEF) data as motorists wait for the announcement of new fuel prices, IOL reported on Tuesday.

Data shows petrol prices lead to a price drop of approximately 20 to 30 cents if current trends hold. In contrast, diesel prices are expected to rise by more than 30 cents due to an under-recovery observed in the first 10 days of the month, although this gap is narrowing.

Should current oil prices and currency fluctuations persist until the end of the month, petrol might return to its October levels—the lowest since February 2022—where Premium Unleaded 95 was priced at rand 20.26 at the coast and Premium Unleaded 93 at rand 20.73 inland. Earlier in November, petrol prices rose by 25 cents, while diesel increased by 20 cents.

As the end of November approaches, the Department of Mineral Resources and Energy is set to finalise the official fuel prices for December.

While many changes could occur in the interim, current indicators suggest that any price adjustments would be minimal, which bodes well for general inflation and holiday travel plans.

The outlook for fuel prices is largely influenced by international product rates, with petrol prices declining and diesel costs increasing, according to the South African media outlet. The currency is having a slight negative impact of just one cent on fuel pricing.

Positive signs are emerging for petrol consumers, as Brent crude oil prices dropped to their lowest point this month on November 11, reaching $71.70 per barrel (rand 1,278), down from a peak of $75.63 on November 7.

With Brent Crude averaging $75 in October, any prices falling below this level, assuming the rand remains stable, could enhance the outlook for fuel prices in December.