February Fuel Prices Look promising for consumers
Owing to an upsurge of international petroleum costs, mid-month findings from the Central Energy Fund (CEF) indicate that might be a slight drop in petrol and diesel prices on February 2023.
This much needed breather comes after months of increased fuel prices in 2022, with car owners spending more than R20 for a litre of fuel for most parts of the year.
CEF’s data forecast, as of 13 January 2023, showed the probability of petrol prices going down in the region of 25 cents a litre. On the other hand, diesel is likely to drop by at least 50 cents per litre.
The expected shifts in prices are as follows:
– 18 cents a litre decrease for Petrol 93
– 25 cents a litre drop for Petrol 95
– A decrease of 50 cents a litre for Diesel 0.05%; and a decrease of 63 cents a litre for Diesel 0.005%.
However, the expected price differences are dependent on ongoing market conditions running through the end of the month. In as much as these are the current predictions, it could change abruptly should other factors contribute negatively.
The two variables that have affected the fuel price ups-and-downs in South Africa are the global cost of petroleum products – swayed by oil prices, and the rand-dollar exchange rate.
And because of the significant worldwide drop of oil prices, before its rebound, and the rand faring better against the dollar in the month, the predicted drop has a statistical boost that most patrons will be hoping can hold out for as long as possible.
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