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Diesel price set to fall by about R1.70 in November

Published

Central Energy Fund data show diesel is on track to get about R1.70 per litre cheaper in the first week of November. Petrol may fall by less than 25c per litre, if at all, after temporary fuel levy relief.

Finance Minister Enoch Godongwana announced the fuel levy relief, which lasts two months. For November, the relief is R3 per litre on diesel and R1.50 per litre on petrol. Without it, fuel prices were on track to rise.

Oil prices remain high. Brent crude surged overnight to $114 per barrel, and the rand traded at R16.55 to the dollar by Friday midmorning. The price of 95-octane petrol in Gauteng reached a record R30.25 per litre. Wholesale diesel with 0.05% sulphur cost R31.95 per litre in Gauteng.

The Slate Fund had a negative balance of R10.5 billion at the end of August. The current slate levy is 87.66c per litre. The levy relief may need to run for another month if international prices keep rising.

Investec economist Annabel Bishop expects another interest rate hike, either in November or in January. The South African Reserve Bank has an inflation target of 3%.

Key facts

Who
Enoch Godongwana (Finance Minister); Annabel Bishop (Investec economist); Central Energy Fund (publisher of fuel price data); South African Reserve Bank (central bank)
What
Diesel prices are projected to drop about R1.70 per litre in early November because of a temporary two-month fuel levy relief announced by Finance Minister Enoch Godongwana; petrol may become less than 25c cheaper, if at all, as fuel is otherwise on track to increase.
When
23 October 2026
Where
South Africa
Status
Reported

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