Fuel price LATEST: Early signs for February 2024 spell trouble

The latest fuel projections from the Central Energy Fund (CEF) for February 2024 shows that there may be bad news 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.

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, 9 January 2024.

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FUEL	PRICE CHANGE
Petrol 93	increase of 3 cents
Petrol 95	decrease of 4 cents
Diesel 0.05%	decrease of 18 cents
Diesel 0.005%	decrease of 25 cents
Illuminating Paraffin	decrease of 30 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 3 cents is expected for petrol 93 octane motorists and a decrease of 4 cents for 95 users.

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Meanwhile, diesel motorists would see something around a 18 to 25 cents per litre decrease.

Finally, illuminating paraffin is expected to decrease by 30 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 $77.67 a barrel.

Exchange rate

At the time of publishing the rand/dollar exchange rate is R18.69/$.

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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):

INLAND	January
Petrol 93	R22.17
Petrol 95	R22.49
Diesel 0.05%	R20.63
Diesel 0.005%	R20.73
Illuminating Paraffin	R15.31

COASTAL	January
Petrol 93	R21.45
Petrol 95	R21.77
Diesel 0.05%	R19.91
Diesel 0.005%	R20.04
Illuminating Paraffin	R14.38

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