fuel price SA June
The latest numbers suggest that there will be a significant petrol and diesel price decrease in South Africa early next month. Photo: Wikimedia Commons

Home » Fuel price watch: Petrol, diesel forecast looks DIRE for February 2024

Fuel price watch: Petrol, diesel forecast looks DIRE for February 2024

The latest fuel projections for February 2024 shows that bad news lies ahead for diesel and petrol car owners.

24-01-24 10:32
fuel price SA June
The latest numbers suggest that there will be a significant petrol and diesel price decrease in South Africa early next month. Photo: Wikimedia Commons

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.

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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, 23 January 2024.

FUELPRICE CHANGE
Petrol 93increase of 43 cents
Petrol 95increase of 44 cents
Diesel 0.05%increase of 45 cents
Diesel 0.005%increase of 40 cents
Illuminating Paraffinincrease of 35 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 43 cents is expected for petrol 93 octane motorists and an increase of 44 cents for 95 users.

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Meanwhile, diesel motorists would see between a 40 to 45 cents per litre increase.

Finally, illuminating paraffin is expected to increase by 35 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 $79.74 a barrel.

Exchange rate

At the time of publishing the rand/dollar exchange rate is R18.96/$.

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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.

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Go easy on the accelerator until then, Mzansi.


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The current JANUARY 2024 petrol and diesel prices (Inland and Coastal):

INLANDJanuary
Petrol 93R22.17
Petrol 95R22.49
Diesel 0.05%R20.63
Diesel 0.005%R20.73
Illuminating ParaffinR15.31
COASTALJanuary
Petrol 93R21.45
Petrol 95R21.77
Diesel 0.05%R19.91
Diesel 0.005%R20.04
Illuminating ParaffinR14.38

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