Petrol price

It’s too early to predict what lies ahead for diesel and petrol prices in February, but latest data suggests Mzansi motorists face bad news. Photo: Pixabay

Petrol and diesel price UPDATE: Early data suggests GOOD news for February

While it’s still too early to predict what lies ahead for diesel and petrol prices in February, the latest data shows very encouraging signs.

Petrol price

It’s too early to predict what lies ahead for diesel and petrol prices in February, but latest data suggests Mzansi motorists face bad news. Photo: Pixabay

While it’s still far too early in the new year to accurately predict what lies ahead for diesel and petrol prices in February, the latest data available from the Central Energy Fund (CEF) shows encouraging signs.

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As a reminder, both petrol and diesel prices dropped significantly earlier this week in what was welcome news for Mzansi motorists.

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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Fluctuations in international product prices and rand weakness show the following over-recoveries (price decreases) for petrol and diesel as per data at 5 January 2023:

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FuelPrice change
Petrol 93decrease of 81 cents per litre
Petrol 95decrease of 88 cents per litre
Diesel 0.05%decrease of 143 cents per litre
Diesel 0.005%decrease of 158 cents per litre
Illuminating Paraffin (wholesale)decrease of 113 cents per litre

If these market conditions persist for the remainder of January, another significant decrease is on the cards for February for both petrol and diesel users of between 81 to 88 cents for petrol, while diesel motorists could see a 143 to 158 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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Exchange rate

At the time of publishing the rand/dollar exchange rate is R17.19/$.

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Oil price

At the time of publishing the brent crude oil price is $78.52 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 January.

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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):

InlandJanuary
93 PetrolR21.10
95 PetrolR21.40
0.05% diesel (wholesale)R21.23
0.005% diesel (wholesale)R21.42
Illuminating ParaffinR15.26
LPGAS (p/kg)R34.86
CoastalJanuary
93 PetrolR20.45
95 PetrolR20.75
0.05% diesel (wholesale)R20.58
0.005% diesel (wholesale)R20.78
Illuminating ParaffinR14.47
LPGAS (p/kg)R32.45

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