Fuel prices facing a possible drop in the new year

Posted by Olerato Ramafsi on 21 December 2022

Fuel prices are touted for a drop next year with a price cut of around R2.80, this comes as an added relief regarding all the other problems the country is currently facing.

(Photo by Mykola Tys/SOPA Images/LightRocket via Getty Images)

The latest information was acquired from the Central Energy Fund and the data collected shows that 95 unleaded could be cut by R1.94 in January, with 93 petrol due for an R1.95 decrease.

Diesel is poised for the biggest price cut of as much as R2.78 per litre.

With fuel prices often adjusted on the first Wednesday of a month and determined by the price of oil and the rand-dollar exchange rate, all we have to do is keep our fingers crossed and count down to 2023’s first Wednesday.

A strengthening of the rand, which improved from R17.38 a week ago to R17.30 on Tuesday, 21 December, will also play a role in determining the fuel prices.

In Gauteng, 95 petrol costs R23.46 a litre, compared to R20.29 a year ago, but this is still an improvement from the R26.74 price which it peeked at in July.

Diesel price is currently R23.92 a litre, which is also a reasonable drop from the R25.49 record high that it achieved in October.

Picture: Getaway Gallery

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