Unaudited mid-month fuel price data released by the Central Energy Fund points to considerable fuel price cuts for January 2023.

Relief is on the horizon for cash-strapped motorists in South Africa as mid-month fuel price data suggests that fuel prices will be slashed in January 2023.

Based on unaudited mid-month data, the price of Diesel (0.005% Sulphur) could be reduced by as much as R2.83 per litre while Diesel (0.05% Sulphur) might realise reductions of R2.73 per litre.

The price of Petrol ULP 93/95 could be cut by R1.93 per litre. The price of Illuminating Paraffin could also see reductions of up to R2.16 per litre.

Factors currently contributing to this potential outcome include lower international prices for petroleum products (due to the lower price of Brent Crude) as well as a stronger Rand / US Dollar exchange rate in the first 2 weeks of December.

In the short term, international oil prices are expected to remain stable and with the balance of December remaining, the Rand’s performance against the US Dollar is also expected to remain relatively consistent following the announcement that President Cyril Ramaphosa secured his second term as president of the ANC. Should the Rand get stronger in the next 2 weeks, then even larger fuel price cuts will be likely. We are holding thumbs!

Current Fuel Prices in South Africa

We will update this article as soon as the official fuel price adjustments are announced.

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