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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