Based on the current oil, international fuel and rand prices, the latest data from the Central Energy Fund shows that petrol prices could be cut by around R1.90 a litre in November, while diesel prices could be lowered by between 69c and 75c a litre. However, there are still more than two weeks to go before the final prices are set. Fuel prices will only be adjusted on 1 November. South African fuel prices are largely determined by international oil costs and the rand exchange rate, as oil is priced in dollars. Oil prices have been extremely volatile as fighting between Israel and Hamas militants in Gaza continued. A wider war in the oil-rich Middle East risks hitting supplies, which could push prices higher. However, a war could also tip the world economy into recession, cooling demand for fuel. In the first half of October, the Brent crude oil price averaged $87.50 a barrel, compared to an average of $92.60 in September, says Annabel Bishop, group chief economist at Investec. International petroleum product prices used in South Africa are substantially lower to date in October than September, she added.