Fuel prices set to fall again in February - here's what you can expect
A fuel station attendant fills a car with fuel while a dog in the car looks on. Petrol and diesel prices are set to fall again in February.
Image: Independent Newspapers Archives
South Africans will enjoy further fuel price relief in February, with late-month data showing petrol and diesel price decreases are on the cards for next Wednesday, February 5.
South African fuel prices are already at four-year lows following January’s price cuts. As of January 27, unaudited data from the Central Energy Fund (CEF) was pointing to petrol price reductions of between 66 cents (95 Unleaded) and 64 cents (93 Unleaded) and diesel price cuts of between 60 cents (500ppm) and 67 cents (50ppm).
This could bring the price of 95 Unleaded down to around R19.26 at the coast and R20.09 in the inland regions, where 93 Unleaded will cost around R20.00.
A buoyant South African rand, which this week appreciated to its strongest level against the US dollar in four years, is contributing to the over-recovery that has developed for both fuel types. However, stronger international oil prices in recent weeks are limiting the gains.
Brent crude oil prices have been supported by production outages and cutbacks, while severe winter storms in the US have also cut down parts of Gulf Coast production.
Geopolitical concerns, specifically over potential supply disruptions from Iran and the Middle East, have prompted traders to assign a risk premium.
South African fuel prices are currently at their lowest level since February 2022.
Earlier this month, the Department of Mineral and Petroleum Resources confirmed petrol price decreases of between 62 cents per litre for 93 Unleaded and 66 cents for 95 Unleaded, while diesel saw price cuts of R1.37 for 500ppm and R1.50 for 50ppm.
A litre of 95 Unleaded currently costs R19.92 at the coast, while those in the inland regions are paying around R20.75 for 95 ULP and R20.64 for 93 ULP.
IOL Motoring