Fuel price UPDATE: Petrol, diesel news looking BAD as rand weakens
The latest fuel projections for February 2024 shows that bad news lies ahead for diesel and petrol car owners.
The latest fuel projections from the Central Energy Fund (CEF) for February 2024 shows that BAD news lies ahead for diesel and petrol car owners.
The data is trending towards an increase for both diesel and petrol next month.
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This news comes on the back of price decreases for both petrol and diesel earlier this month, as reported by The South African website.
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Below, the latest projections as received by The South African website from the CEF, effective Tuesday, 16 January 2024.
| FUEL | PRICE CHANGE | |
| Petrol 93 | increase of 18 cents | |
| Petrol 95 | increase of 15 cents | |
| Diesel 0.05% | increase of 16 cents | |
| Diesel 0.005% | increase of 10 cents | |
| Illuminating Paraffin | increase of 5 cents |
If these market conditions were to remain consistent for the remainder of the month – an unlikely scenario with the rand/dollar exchange rate ever fluctuating and the oil price changing – an increase of 18 cents is expected for petrol 93 octane motorists and an increase of 15 cents for 95 users.
Meanwhile, diesel motorists would see something around a 10 to 16 cents per litre increase.
Finally, illuminating paraffin is expected to increase by 5 cents.
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FUEL PRICE IN SOUTH AFRICA IMPACTED BY TWO MAIN FACTORS:
1. The international price of petroleum products, driven mainly by oil prices
2. The rand/dollar exchange rate used in the purchase of these products
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Oil price
At the time of publishing the brent crude oil price is $77.39 a barrel.
Exchange rate
At the time of publishing the rand/dollar exchange rate is R19.02/$.
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The final overall price changes for both petrol and diesel will be confirmed in the weeks ahead with the new prices coming into effect at midnight on Tuesday, 6 February.
Go easy on the accelerator until then, Mzansi.
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The current JANUARY 2024 petrol and diesel prices (Inland and Coastal):
| INLAND | January |
| Petrol 93 | R22.17 |
| Petrol 95 | R22.49 |
| Diesel 0.05% | R20.63 |
| Diesel 0.005% | R20.73 |
| Illuminating Paraffin | R15.31 |
| COASTAL | January |
| Petrol 93 | R21.45 |
| Petrol 95 | R21.77 |
| Diesel 0.05% | R19.91 |
| Diesel 0.005% | R20.04 |
| Illuminating Paraffin | R14.38 |