The early fuel projections for January 2024 shows that South Africa’s motorists could be in for good news. Photo: Pixabay

Fuel price LATEST: Numbers stay good for January drop

The early fuel projections for January 2024 shows that South Africa’s motorists could be in for good news.

by Garrin Lambley

14-12-2023 08:52

in Business & Finance

The early fuel projections for January 2024 shows that South Africa’s motorists could be in for good news. Photo: Pixabay

The early fuel projections from the Central Energy Fund (CEF) for January 2024 shows that South Africa’s motorists could be in for good news.

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

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As a reminder, petrol dropped by 65 cents per litre while diesel plummeted by between 235 and 241 cents per litre.

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Below, the latest projections as received by The South African website from the CEF, effective Wednesday, 13 December 2023.

FUEL	PRICE CHANGE
Petrol 93	decrease of 63 cents
Petrol 95	decrease of 76 cents
Diesel 0.05%	decrease of 134 cents
Diesel 0.005%	decrease of 141 cents
Illuminating Paraffin	decrease of 132 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 – a decrease of 63 cents is expected for petrol 93 octane motorists and a decrease of 76 cents for 95 users.

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Meanwhile, diesel motorists would see something around a 134 to 141 cents per litre decrease.

Finally, illuminating paraffin is expected to decrease by 132 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 $74.69 a barrel.

Exchange rate

At the time of publishing the rand/dollar exchange rate is R18.66/$.

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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.

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Go easy on the accelerator until then, Mzansi.

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