Rand’s strength aids in potential petrol price relief
South African motorists are steering toward further relief at the fuel pumps in February.
According to the latest daily fuel price data published by the Central Energy Fund (CEF), the price of 95-octane petrol is on track to decline by about 67c/l, while 93-octane petrol could fall by around 65c/l.
Wholesale diesel prices are also expected to ease, with 50ppm diesel projected to decrease by 65c/l and 500ppm diesel by approximately 57c/l.
The anticipated reductions are being driven by a strengthening rand — which this week traded at its strongest level against the US dollar in four years — along with relatively subdued Brent crude oil prices, hovering at around $64 a barrel at the time of writing.
Despite the favourable indicators, market fluctuations before month-end remain a risk and could still temper or reverse the expected cuts. Under current conditions, however, fuel prices would be among the lowest levels recorded in recent years.
Final fuel price adjustments for February are scheduled to take effect at midnight on February 3.
