It is mostly good news for motorists come the new year, with provisional fuel pricing painting the picture that January won’t see many increases.
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The provisional fuel price is subject to change based on many global and local factors, but a look at the Central Energy Fund’s (CEF) mid-month suggests minimal adjustments for January 2024 courtesy of minimal fluctuations.
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The projections indicate a slight increase of 7 cents per litre for Petrol Unleaded 93 but that is where the bad news ends. Petrol Unleaded 95 may see a marginal decrease of 1 cent per litre while diesel prices are expected to drop, with 500 ppm diesel decreasing by 5 cents per litre and 50 ppm diesel by 3 cents per litre. Illuminating paraffin is also projected to decrease by 15 cents per litre.
These anticipated changes are influenced by a combination of a relatively stable rand, trading below R18.00 to the US dollar, and global oil prices remaining under $75 per barrel. The Department of Petroleum and Mineral Resources emphasizes that these mid-month snapshots are preliminary and do not account for potential adjustments such as slate levy changes or retail margin variations, which are determined at the month’s end.
Related: December Fuel Price Increase Confirmed – Coastal and Inland Prices
The official fuel price adjustments for January 2025 will be confirmed and implemented on the first Wednesday of the month, following a comprehensive review of all contributing factors. A retrospective look at 2024 shows a turbulent period, however a fuel price that has seen significant reductions in the past several months. At its peak, Unleaded 93 cost R25.15 per litre and it is now trading at R21.15 (which hasn’t been the lowest over this period). This is prevalent across fuel grades with diesel across both grades dipping below the R20/litre mark for several months now.
