Fuel price LATEST: Petrol, diesel news looking BAD for February 2024

The latest fuel projections from the Central Energy Fund (CEF) for February 2024 shows that BAD news lies ahead for diesel and petrol car owners.

ALSO READ | The top FIVE things buyers look for when purchasing a home

The data is trending towards an increase for both diesel and petrol next month.

This news comes on the back of price decreases for both petrol and diesel earlier this month, as reported by The South African website.

MUST READ | South Africa’s Top 10 suburbs for houses sold in 2023

Below, the latest projections as received by The South African website from the CEF, effective Monday, 15 January 2024.

FEEL GOOD | DARG helps rescue dog in distress up Llandudno Ravine – PICTURE

If these market conditions were to remain consistent for the remainder of the month – an unlikely scenario with the rand/dollar exchange rate ever fluctuating and the oil price changing – an increase of 14 cents is expected for petrol 93 octane motorists and an increase of 11 cents for 95 users.

MUST READ | Which of South Africa’s 9 provinces is the LARGEST by population size?

Meanwhile, diesel motorists would see something around a 3 to 9 cents per litre increase.

Finally, illuminating paraffin is expected to decrease by 3 cents.

MUST READ | Does leaving appliances plugged in use power?

DID YOU KNOW | Children born to FOREIGN parents can qualify for SA citizenship

FUEL PRICE IN SOUTH AFRICA IMPACTED BY TWO MAIN FACTORS:

1. The international price of petroleum products, driven mainly by oil prices

2. The rand/dollar exchange rate used in the purchase of these products

ALSO READ | South African-designed SHARK barriers gain worldwide acclaim

Oil price

At the time of publishing the brent crude oil price is $78.16 a barrel.

Exchange rate

At the time of publishing the rand/dollar exchange rate is R18.85/$.

ALSO READ: 5 ways to renew your vehicle license online

The final overall price changes for both petrol and diesel will be confirmed in the weeks ahead with the new prices coming into effect at midnight on Tuesday, 6 February.

WATCH | LIVE 24-hour wildlife stream: Ol Donyo Lodge in Kenya

Go easy on the accelerator until then, Mzansi.

ALSO READ | ‘Carrots improve eyesight’: 8 common MYTHS debunked

The current JANUARY 2024 petrol and diesel prices (Inland and Coastal):

LAUGH OUT LOUD | JOKE OF THE DAY