Data compiled by the Central Energy Fund (CEF) indicates significant decreases across various fuel types.
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93 and 95 petrol, diesel and illuminating paraffin are expected to witness considerable price drops. ULP93 is projected to decrease by approximately 68 cents per litre, while ULP95 will drop 82 cents per litre. Diesel prices are set to decline by about R1.50 per litre, with illuminating paraffin expecting a decrease of around R1.42 per litre.
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These adjustments are anticipated to bring diesel costs down to roughly R20.32 per litre inland, marking a reduction compared to last year.
Despite the Rand’s current value against the US Dollar, which hasn’t been favourable, lower international product prices have paved the way for these expected reductions.
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However, while these projections appear promising, final prices will only be confirmed on January 3. South African fuel prices are linked to international oil costs and the Rand’s exchange rate, as oil is priced in dollars.
The recent decrease in Brent crude oil prices, from approximately $83 a barrel to around $75, contributes to the good news for January 2024.