Motorists are paying up to R144.80 less for petrol than they were three months ago.
While the cost of fuel saw a small increase this November, prices have generally been on a downward trend for most of 2024, with noticeable savings compared to what individuals were previously spending.
What you’re saving
Looking back at August this year, the cost of petrol 95 was set at R23.11 per litre at inland rates, which has since fallen to R21.30 per litre as of November.
A reduction of R1.81 per litre may not sound like much, but when you consider that most cars have a tank size of anywhere from 30 to 80 litres, the savings can start to add up very quickly, especially if you have to refill multiple times a month.
In August, it would cost at least R693 to fill up a small hatchback, or up to R1,849 if you drive something like a bakkie or family SUV.
Thanks to November’s lower fuel rates, road users are now spending anywhere from R54 to R144 less for petrol with every top-up, which you can see in the table below:
| Tank size | Cost to refill in August 2024 (R23.11) | Cost to refill in November 2024 (R21.30) | Difference |
| 30 litres | R693.30 | R639 | – R54.30 |
| 40 litres | R924.40 | R852 | – R72.40 |
| 50 litres | R1,155.50 | R1,065 | – R90.50 |
| 60 litres | R1,386.60 | R1,278 | – R108.60 |
| 70 litres | R1,617.70 | R1,491 | – R126.70 |
| 80 litres | R1,848.80 | R1,704 | – R144.80 |
Unfortunately, it’s currently unclear whether this positive trend for fuel prices will continue into December and the new year.
The recent US election has introduced extreme volatility into financial markets, affecting both the international price of oil and the rand/US dollar exchange rate.
Following the election last Tuesday, the rand weakened to R17.81/dollar and has since dropped to R18.08/dollar as of 12 November.
Oil prices have also risen by 1.43% over the past, making it more expensive to import the precious commodity.
Based on these factors, the Central Energy Fund predicts that the following fuel price adjustments will take place in December:
- Petrol 93 – Decrease of 0.4 cents per litre
- Petrol 95 – Increase of 8.6 cents per litre
- Diesel 0.05% – Increase of 54 cents per litre
- Diesel 0.005% – Increase of 52 cents per litre
Bear in mind that these numbers are just an early assessment and are still subject to change based on market conditions through November.
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