South African drivers are looking forward to the next change in fuel prices, which is expected to happen in December 2024. According to the most recent predictions, people who use petrol may get some relief, but people who use diesel may have to pay more.
The change in fuel prices is caused by many things, such as the changing value of the rand against the dollar and the price of crude oil on the foreign market.
This article gives a thorough look at what petrol prices are likely to be in December 2024. It does this by focusing on facts and organising the information in a way that makes sense to the reader.
South Africa’s fuel prices have been all over the place lately because of changes in both the local and global economies. Let’s look at how the prices of petrol and diesel are likely to change, what factors are causing these changes, and how these changes compare to the prices of fuel now.
Here is the expected petrol price for December 2024
Based on the most recent information from the Central Energy Fund (CEF), which includes fuel price assessments that went into effect in the middle of November, the following changes are likely to happen in December 2024:
| Fuel Type | Expected Price Change |
|---|---|
| Petrol 93 Octane | Decrease of 16 cents |
| Petrol 95 Octane | Decrease of 4 cents |
| Diesel 0.05% Sulfur | Increase of 39 cents |
| Diesel 0.005% Sulfur | Increase of 38 cents |
| Illuminating Paraffin | Increase of 39 cents |
The table shows that the prices of both 93 and 95 octane gas are expected to go down, while the prices of diesel and illuminating paraffin are expected to go up.
Gasoline with 93 octane may go down by 16 cents per litre, and gasoline with 95 octane may go down by 4 cents per litre. On the other hand, diesel users may need to plan for a price increase of 38 to 39 cents per litre.
Factors Influencing Fuel Prices
In South Africa, fuel prices are mostly set by two things:
International Oil Prices
A big part of what determines the price of petroleum goods is the price of crude oil. Brent crude oil costs $71.44 a barrel as of the middle of November. Changes in oil prices are caused by things like the global economy, tensions in geopolitics, and decisions made by big oil producers about how much to produce.
Rand/Dollar Exchange Rate
Rates of trade between the South African rand and the US dollar are also very important. The most recent info shows that the rand is worth R18.09 per US dollar. This is because South Africa gets most of its crude oil from other countries.
The exchange rate has a direct effect on the prices of these goods. It costs more to import oil goods when the rand is weak, which usually means that fuel prices go up in South Africa.
Current Fuel Prices Comparison with November 2024
Let’s look at the prices from November 2024 and December 2024 to get a better idea of how the upcoming price changes will affect things. Here is a thorough comparison of each area, both inland and coastal:
| Region | Fuel Type | November 2024 Price (R per litre) |
|---|---|---|
| Inland | Petrol 93 Octane | R20.98 |
| Petrol 95 Octane | R21.30 | |
| Diesel 0.05% Sulfur | R18.66 | |
| Diesel 0.005% Sulfur | R18.77 | |
| Illuminating Paraffin | R12.87 | |
| Coastal | Petrol 93 Octane | R20.19 |
| Petrol 95 Octane | R20.51 | |
| Diesel 0.05% Sulfur | R17.87 | |
| Diesel 0.005% Sulfur | R18.01 | |
| Illuminating Paraffin | R11.87 |
Drivers should feel a little better about the expected drop in petrol prices in December 2024, especially after the rises seen earlier in November. Diesel and illuminating paraffin prices are likely to go up, though, which will continue to hurt consumers, especially those who work in logistics and agriculture.
What Does This Mean for South African Motorists?
While petrol users may enjoy a slight relief at the pump in December, the increase in diesel and illuminating paraffin prices indicates a mixed scenario for fuel costs in South Africa.
The upcoming adjustments reflect the combined impact of international oil price fluctuations and the volatile rand/dollar exchange rate. For now, it remains crucial for consumers to keep an eye on these variables, as they directly affect transportation and other household expenses.
