Janu-worry may be slightly more palatable for South Africans after unaudited data points at a massive fuel price decrease for the opening month of 2023.
Following recent increases ahead of the festive season, unaudited data points to a massive fuel price cut for 2023! Therefore it may not all be doom and gloom in the opening month of 2023 since the fuel price could potentially come down by as much as R2,83 depending on the grade of fuel. This is some major relief for those dealing with Janu-worry after December splurges for the festive season and a tumultuous year of unexpectedly high petrol and diesel prices.
The Central Energy Fund (CEF) has released unaudited data which paints a far more positive picture going into the new year. Courtesy of lower international prices for Brent Crude as well as a strengthening Rand/Dollar exchange rate has enabled petroleum-based product pricing to be slashed.
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The price of petrol could thus be cut by as much as R1,93 per litre while both grades of diesel could be slashed by a whopping R2,83 for 0,05% ppm and R2,73 for 0,005%. This news means that it will be the closest to the R20 per litre mark since before Russia’s invasion of Ukraine put the world into a frenzy and sent international oil prices through the roof. Hopefully, no other international events will cause the price of oil to default once again. For context, a year ago, in December of 2021, the 95 octane petrol in South Africa was R19,57.
Official pricing from the CEF is expected before the close of the year, with updated prices taking effect from early January.
