Fuel prices are set for more reductions in November due to a slightly firmer Rand and softer international petroleum prices…

This is according to the Automobile Association, which was commenting on unaudited month-end fuel price data released by the Central Energy Fund.

The current data shows that petrol will be down by as much as 27 cents a litre, with diesel lower by around 11 cents.

“The only fly in the ointment is illuminating paraffin, whose basic fuel price increased while petrol and diesel were falling, meaning a 15 cents-a-litre rise for the popular lighting and heating fuel is on the cards,” the Association comments

The Association says the Rand has maintained its strength against the US dollar throughout October, with the firming trend accelerating in the past week.

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“This gradual appreciation has been mirrored by international oil prices, which softened throughout the month, with steeper reductions seen over the past ten days,” the AA notes.

The AA adds that exchange rate and oil pricing data has shown more stability over the past two months, suggesting that fuel prices have reached an equilibrium.

“We are hoping that this is the case, because fuel price stability would come as a welcome relief to individuals and corporates alike in the current economic conditions,” it concludes.

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