It’s too early to predict what lies ahead for diesel and petrol prices in March, but the latest data suggests it’s gloom and doom. Image: Pixabay
Petrol and diesel update: Price forecast looks GRIM in February
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.
It’s too early to predict what lies ahead for diesel and petrol prices in March, but the latest data suggests it’s gloom and doom. Image: Pixabay
With just over two weeks to go, it’s too early to accurately predict what lies ahead for diesel and petrol prices in February, but the latest data available from the Central Energy Fund (CEF) looks GRIM.
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The situation isn’t nearly as rosy as it was earlier in the month – and it’s getting worse and worse by the day.
With a couple of weeks still to go, it could well end up in a painful announcement for Mzansi motorists.
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Looking ahead, fluctuations in international product prices and rand weakness show the following under-recoveries (price increases) and over-recoveries (price decreases) for petrol and diesel as per data at 19 January 2023:
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| Fuel | Price change |
| Petrol 93 | increase of 21 cents per litre |
| Petrol 95 | increase of 14 cents per litre |
| Diesel 0.05% | decrease of 6 cents per litre |
| Diesel 0.005% | decrease of 18 cents per litre |
| Illuminating Paraffin (wholesale) | decrease of 4 cents per litre |
If these market conditions were to remain the same for the rest of the month – an extremely unlikely scenario – an increase of 21 cents is expected for 93 octane motorists and a increase of 14 cents for 95 users.
Meanwhile, diesel motorists would see a 6 to 18 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 R17.24/$.
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Oil price
At the time of publishing the brent crude oil price is $86.75 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):
| Inland | January |
| 93 Petrol | R21.10 |
| 95 Petrol | R21.40 |
| 0.05% diesel (wholesale) | R21.23 |
| 0.005% diesel (wholesale) | R21.42 |
| Illuminating Paraffin | R15.26 |
| LPGAS (p/kg) | R34.86 |
| Coastal | January |
| 93 Petrol | R20.45 |
| 95 Petrol | R20.75 |
| 0.05% diesel (wholesale) | R20.58 |
| 0.005% diesel (wholesale) | R20.78 |
| Illuminating Paraffin | R14.47 |
| LPGAS (p/kg) | R32.45 |
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