According to the CEF’s (Central Energy Fund) unaudited mid-month report, fuel prices are expected to drop significantly in December 2023.
“The current data is showing that international product prices have eased since the beginning of the month and are contributing to the bulk of the expected decreases. The stronger value of the Rand against the US Dollar is also playing its part and is combining with the more stable oil prices to ensure South Africans can look forward to lower fuel prices in December,” says the AA.
The CEF expects the price of ULP95 to decrease by roughly R1,06/litre, which would result in a price drop to R22,12/litre from R23,90/litre for ULP95 inland and a coastal price drop to R22,17/litre from R23,19/litre. Diesel is expected to decrease in price by over R2,10/litre, which could see the price drop to R22,15/litre.
“South Africans planning long journeys for their end-of-year holidays will, no doubt, be extremely happy with this news, as will consumers who suffer when particularly diesel prices increase,”
Adjusted fuel prices for December will take effect from the 6th of December so stay tuned for an official update closer to the time.