Central Energy Fund, we could kiss you right now. Their projected petrol prices for January would see fuel costs plummet below the R14-per-litre mark.
Now, this is how we want to start 2019. It seems as if the petrol price in South Africa will keep plummeting, as preliminary data released by the Central Energy Fund suggests that motorists are in for some more joy at the pumps.
January petrol price forecast for South Africa
According to the official figures, a drop of something between R1.31 – R1.34 is being forecast for both grades of petrol (93 and 95). Meanwhile, diesel users also look like they’ll be kicking the new year off in style, with a projected R1.51 to be shaved off of its current price.
The current projections would have been impossible to fathom just a couple of months ago. Back In November, South Africans were still paying over R17 a litre to fill up their petrol tanks. With these latest figures, that fee could soon be less than R14 a litre across the board.
Early petrol price forecast for January 2019:
Petrol price for inland regions: R13.88
Petrol price for the coast: R13.31
Diesel price wholesale: R13.15
Why is petrol getting cheaper?
Of course, we still have to negotiate a further two and a half weeks before we hear anything about a concrete price. But when the Central Energy Fund make these calls, they are seldom wrong. If these forecasts managed to hold, Mzansi’s motorists will have had more than R3 knocked off their fuel costs within a 30-day period.
There are a few factors helping motorists out, here. Crude oil prices are still remaining low, hovering around the $60 a barrel mark. With South Africa pulling itself out of a recession – and the interest rate increasing – there is a more trustworthy financial climate in the country.
Qatar’s decision to pull out of OPEC does not look set to have a real effect until later in the new year. They only contribute a fraction of the oil supply held by the group of global superpowers, but their decision to move away from fossil fuels could still upset the market. Yet as it stands, South African drivers may feel like Christmas is going to continue into January.
This news release does not necessarily reflect the opinion of SA-news.
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