Petrol, diesel looks good for February 2024

The latest fuel projections from the Central Energy Fund (CEF) for February 2024 shows that BAD news lies ahead for diesel and petrol car owners next week.

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The data is trending towards an increase for both diesel and petrol prices at the pumps.

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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 Thursday, 1 February 2024.

FUEL PRICE CHANGE
Petrol 93 increase of 68 cents
Petrol 95 increase of 71 cents
Diesel 0.05% increase of 69 cents
Diesel 0.005% increase of 65 cents
Illuminating Paraffin increase of 54 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 72 cents is expected for petrol 93 octane motorists and an increase of 75 cents for 95 users.

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Meanwhile, diesel motorists would see between a 70 to 73 cents per litre increase.

Finally, illuminating paraffin is expected to increase by 54 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 $79.09 a barrel.

Exchange rate

At the time of publishing the rand/dollar exchange rate is R18.62/$.

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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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