It’s still too early to predict what lies ahead for diesel and petrol prices in February, but the latest data available from the Central Energy Fund (CEF) isn’t looking good.
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The situation isn’t nearly as rosy as it was earlier in the month – and it’s getting worse by the day.
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As a reminder, both petrol and diesel prices dropped significantly in early January in what was welcome news for Mzansi motorists.
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Petrol decreased by R2.06 per litre for both 93 and 95 octanes, while the 0.05% diesel price dropped by R2.69 per litre and the 0.005% diesel price by R2.81.
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Looking ahead, fluctuations in international product prices and rand weakness show the following over-recoveries (price decreases) for petrol and diesel as per data at 16 January 2023:
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|Petrol 93||decrease of 7 cents per litre|
|Petrol 95||decrease of 14 cents per litre|
|Diesel 0.05%||decrease of 37 cents per litre|
|Diesel 0.005%||decrease of 50 cents per litre|
|Illuminating Paraffin (wholesale)||decrease of 34 cents per litre|
If these market conditions persist for the remainder of January – an unlikely scenario – another decrease is on the cards for February for both petrol and diesel users of between 7 to 14 cents for petrol, while diesel motorists could see a 37 to 50 cents per litre drop.
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FUEL PRICE IN MZANSI 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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At the time of publishing the rand/dollar exchange rate is R17.16/$.
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At the time of publishing the brent crude oil price is $84.67 a barrel.
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The final overall price changes for both petrol and diesel will be confirmed in the coming weeks with the new prices coming into effect at midnight on Tuesday, 7 February.
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Go easy on the accelerator until then, Mzansi.
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The current prices at the pumps (Inland and Coastal):
|0.05% diesel (wholesale)||R21.23|
|0.005% diesel (wholesale)||R21.42|
|0.05% diesel (wholesale)||R20.58|
|0.005% diesel (wholesale)||R20.78|
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