Fuel price: The good news is turning bad quickly for January 2024

The latest fuel projections from the Central Energy Fund (CEF) for January 2024 still show that South Africa’s motorists could be in for good news, but not as joyous as was previously the case …

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

Below, the latest projections as received from the CEF, effective Thursday, 21 December 2023.

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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 – a decrease of 44 cents is expected for petrol 93 octane motorists and a decrease of 58 cents for 95 users.

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Meanwhile, diesel motorists would see something around a 103 to 111 cents per litre decrease.

Finally, illuminating paraffin is expected to decrease by 103 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 $80.07 a barrel.

Exchange rate

At the time of publishing the rand/dollar exchange rate is R18.42/$.

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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, 2 January.

Go easy on the accelerator until then, Mzansi.

The current DECEMBER 2023 petrol and diesel prices (Inland and Coastal):