The Central Energy Fund (CEF) has released optimistic fuel projections for December 2023, offering a positive outlook for both diesel and petrol vehicle owners. These projections follow significant price reductions for both petrol and diesel earlier in the month, as reported by The South African website.
As of Friday, 17 November 2023, the latest projections from the CEF indicate the following anticipated price changes:
- Petrol 93: A decrease of 108 cents
- Petrol 95: A decrease of 109 cents
- Diesel 0.05%: A decrease of 221 cents
- Diesel 0.005%: A decrease of 226 cents
- Illuminating Paraffin: A decrease of 183 cents
If market conditions remain consistent for the remainder of the month, although unlikely due to the ever-fluctuating rand/dollar exchange rate and oil prices, a decrease of 108 cents is expected for petrol 93 octane users, while 95 users may experience a decrease of 109 cents. Diesel motorists could witness a decrease of approximately 221 to 226 cents per litre, and illuminating paraffin is anticipated to decrease by 183 cents.
The fuel prices in South Africa are primarily influenced by two main factors: the international price of petroleum products, mainly driven by oil prices, and the rand/dollar exchange rate used in product purchases. At the time of publication, the brent crude oil price is $81.30 a barrel, and the rand/dollar exchange rate is R18.38/$.
The final overall price changes for both petrol and diesel will be confirmed in the weeks ahead, with the new prices taking effect at midnight on Tuesday, 5 December. Motorists are advised to exercise caution and await the official updates before adjusting their fuel budgets.
Current November 2023 petrol and diesel prices (Inland and Coastal):
INLAND
- Petrol 93: R23.44
- Petrol 95: R23.90
- Diesel 0.05%: R24.17
- Diesel 0.005%: R24.40
- Illuminating Paraffin: R17.95
COASTAL
- Petrol 93: R22.72
- Petrol 95: R23.18
- Diesel 0.05%: R23.44
- Diesel 0.005%: R23.71
- Illuminating Paraffin: R17.02