While it’s still too early to accurately predict what lies ahead for petrol and diesel prices in February, the latest data available from the Central Energy Fund (CEF) shows promising signs.
As a reminder, the prices of both petrol and diesel decreased significantly last week leaving motorists very happy as the new year commences.
Petrol decreased by R2.06 per litre for both 93 and 95 octanes, while 0.05% diesel price dropped by R2.69 per litre and the 0.005% diesel price dropped by R2.81.
According to the latest weekly forecast from the CEF, for the week ending 6 January 2023, petrol prices are anticipated to come down by 87 cents per litre, while diesel could be cut by a much larger R1.40.
The prices forecast is as follows:
- Petrol 93 & 95 will drop by 87 cents per litre
- Diesel 0.05% will drop by R1.42 per litre
- Diesel 0.005%will drop by R1.58 per litre
- Paraffin will drop by R1.12 per litre
Prices are set to change at midnight on 1 February, the first Wednesday of the month. As usual, we warn you to take these predictions with a grain of salt- because that’s exactly what they are- predictions.
The CEF makes its predictions based on the price of refined oil and the current US Dollar/Rand exchange. The Department of Energy decides the true prices that’ll reflect at the petrol pumps, once it’s taken all mitigating factors into account.
Global oil prices have dropped below $80 a barrel so far in January, ending last week over 8% lower. The drop in prices was largely driven by market sentiment around demand, with analysts holding a dim outlook for demand coming from industrious nations like China.
Source: Stuff, Business Tech, The South African, image from Twitter: @CARmagSA