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

A slight reduction in the price of all fuels is projected for February 2023 if mid-month projections remain on target.

Based on data collected on 16 January 2023, the price of 50ppm diesel could see a reduction of 37 cents while 5ppm could see its price drop by around 50 cents. Petrol may not see as big of a reduction as unleaded 93 is set to drop by just 7 cents a litre with 95 possibly dropping by 14 cents per litre.

The current prognosis is that the Rand to US Dollar exchange rate has improved to R17.05 while the oil price has remained reasonably steady over the past 2 weeks. These numbers are due to change by the end of the month when the official numbers are calculated and the official price adjustments are relayed.

Politically and economically, things are rocky at the moment with SA suffering Stage 6 loadshedding bouts that provides uncertainty about the future of the economy and thus drastic fluctuations in currency value.

Demand for oil could see a surge as China returns to full economic functions after Covid policies that restricted movement. The knock-on of that was less of a demand for oil from the world’s largest importer of oil but the next few months could see a resurgence in the price of oil and with that, increases in the fuel price.

Current and projected Fuel Prices in South Africa

We will update this article as soon as the official fuel price adjustments are announced at the end of the month.

Related Content

Most Fuel Efficient Budget Cars in SA

10 Fuel Efficient Used Compact SUVs under R300k

10 Fuel Efficient Used Cars Under R200k in SA

10 Fuel Efficient Used Family SUVs Under R400k

5 Fuel Efficient Used Double Cab Bakkies Under R500k

Is it time for South Africa to Switch to EVs?

5 Ways to Beat the Fuel Price Hike