As December 2024 rolls in, South African motorists are in for mixed news regarding fuel prices. While petrol prices are expected to drop slightly, diesel and illuminating paraffin users might see an increase at the pump.
If you’re curious about what’s driving these changes and how it impacts your pocket, read on for a detailed breakdown.
South Africa New Updated Fuel Price
Petrol Relief
Good news for petrol users: a modest drop in prices is expected. Here’s a summary based on projections from the Central Energy Fund (CEF):
| 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 |
Petrol 93 octane might cost 16 cents less per litre, while petrol 95 octane could see a smaller reduction of 4 cents. However, diesel and illuminating paraffin prices are projected to rise by nearly 40 cents per litre, signaling a challenging month ahead for industries like logistics and agriculture.
Key Factors
Oil Prices
Crude oil prices have been relatively stable, with Brent crude trading at $71.44 per barrel in mid-November. Global demand, supply dynamics, and geopolitical events all play a role in determining this price.
Rand Exchange Rate
The exchange rate is another pivotal factor. The rand’s performance against the dollar—currently at R18.09 per US dollar—affects import costs for crude oil. A weaker rand translates to higher local fuel prices, emphasizing the currency’s impact on consumers’ wallets.
November vs. December Prices
Here’s a quick comparison of fuel prices between November and the projected December rates:
| Region | Fuel Type | November Price (R/litre) |
|---|---|---|
| Inland | Petrol 93 Octane | R20.98 |
| Inland | Petrol 95 Octane | R21.30 |
| Inland | Diesel 0.05% Sulfur | R18.66 |
| Inland | Diesel 0.005% Sulfur | R18.77 |
| Inland | Illuminating Paraffin | R12.87 |
| Coastal | Petrol 93 Octane | R20.19 |
| Coastal | Petrol 95 Octane | R20.51 |
| Coastal | Diesel 0.05% Sulfur | R17.87 |
| Coastal | Diesel 0.005% Sulfur | R18.01 |
| Coastal | Illuminating Paraffin | R11.87 |
The slight decline in petrol prices offers some relief to private motorists. However, the increases in diesel and paraffin are likely to offset these gains for those reliant on these fuels for daily operations.
Impact on Consumers
What does all this mean for you? If you’re filling up with petrol, expect minor savings, but if you rely on diesel, your transport costs could rise. Households using paraffin for heating or cooking will also feel the pinch. The dual effects of crude oil pricing and the volatile rand are behind these changes, making it crucial to monitor the market closely.
For now, small savings at the petrol pump might be overshadowed by broader economic pressures, but staying informed can help you budget wisely and plan ahead.
