Fuel latest: Weak rand, rising oil prices, dash hopes for petrol & diesel price cut

The latest fuel projections from the Central Energy Fund (CEF) for April 2024 suggest that there may be mixed news for motorists in South Africa next month.

After starting the month looking bleak, a swing in fortune had Mzansi drivers hopeful of some respite at the pumps early next month, especially for diesel car owners.

However, a recent increase in the Brent crude oil price and a weakening of the rand against the dollar has dampened those spirits.

This news comes on the back of price increases for both petrol and diesel earlier this month, as reported by The South African website.

Below, are the latest projections as received by The South African website from the CEF, effective Thursday, 21 March 2024.

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 26 cents is expected for petrol 93 octane motorists and an increase of 27 cents for 95 users.

Meanwhile, diesel motorists would see between a 28 to 34 cents per litre decrease.

Finally, illuminating paraffin is expected to decrease by 37 cents.

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

Oil price

At the time of publishing the Brent crude oil price is $85.82 a barrel.

Exchange rate

At the time of publishing the rand/dollar exchange rate is R19.05/$.

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, 2 April.

Go easy on the accelerator until then, Mzansi.

THE CURRENT MARCH 2024 PETROL AND DIESEL PRICES (INLAND AND COASTAL):