Off the heels of a fuel price decrease for December, there will be another welcomed fuel price decrease for January 2024.
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“These decreases will go a long way to alleviating the fuel price burden – and its associated impact on other prices – felt by millions of South Africans. For many travellers who will be going on vacation this is also good news as it will undoubtedly reduce expenses on the return leg of their journeys,” – Automobile Association.
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From November 2023 to December 2023, the price of fuel (especially diesel) experienced a significant decrease. The price of ULP 93 dropped from R23,44 to R22,79 per litre, and now the AA says that it expects another decrease of roughly 68 centres per litre whereas ULP95 is expected to decrease by 82 cents per litre. Diesel is expected to drop by R1,50 per litre, which would result in the price of 500 ppm inland prices, for instance, from R21,81 per litre to roughly R20,32 per litre. The decrease in diesel price will set at a lower price point than it was last year.
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“The expected reductions can be attributed to the significantly lower international product prices. While the Rand has not been performing well against the US Dollar, the data shows that the movement of international product prices is playing the most substantial role in the forecast reductions.” – Automobile Association
