More good news is in store for South Africa’s motorists, as it seems the third month of consecutive petrol price drops may be implemented for February. This prediction comes from the Central Energy Fund, who added that the expected drop would not be as big as the ones instated over Christmas and New Year.
The current data reflected a drop of around three cents, which is marginal compared to the R3 shaved off the price per litre of petrol from December through to January.
The predicted price of fuel goes as follows:
– Petrol price (coastal) – R13.67
– Petrol price (inland) – R13.98
– Diesel price (wholesale) – R12.78
Although the international price of crude oil has increased since its low on January 1, the overall price is still lower than that of December. Also, the Rand/US dollar exchange rate has strengthened from an average of R14.44 at the beginning of the year to around R14.20 presently.
“We expect this figure may fluctuate in the second half of January. The Rand continues to firm slightly and it’s not clear what level oil prices will stabilise around. Whether this will work in favour of fuel users or against them remains to be seen,” the Automobile Association says.