As South Africans get ready for the new year, drivers may have a tough time dealing with rising petrol prices. If things keep going the way they are, both petrol and diesel users might end up paying more for less. With challenging economic situations and unpredictable global oil prices, it looks like prices will continue to climb.
Rand vs. US dollar impact
The recent decline of the South African rand against the US dollar has pushed fuel prices into a downward trend. This unfavorable exchange rate, along with changes in global oil prices, indicates that both petrol and diesel prices are set to rise. The first fuel price review of the year – including petrol and diesel – is scheduled for 1 January 2025.
Local aspects that influence the prices of fuel include inland transport costs, wholesale margin, and also retail profit margin.
Petrol prices: 2024 in review
Here is an overview of how petrol prices fluctuated in South Africa this year:
Unleaded petrol
| Date | Petrol unleaded 93: Inland | Petrol unleaded 93: Coastal | Petrol unleaded 95: Inland | Petrol unleaded 95: Coastal |
| January | 22,17 | 21,45 | 22,49 | 21,77 |
| February | 22,92 | 22,20 | 23,24 | 22,52 |
| March | 24,13 | 23,41 | 24,45 | 23,73 |
| April | 24,78 | 23,99 | 25,12 | 24,33 |
| May | 25,15 | 24,36 | 25,49 | 24,70 |
| June | 23,91 | 23,12 | 24,25 | 23,46 |
| July | 22,86 | 22,07 | 23,26 | 22,47 |
| August | 22,71 | 21,92 | 23,11 | 22,32 |
| September | 21,79 | 21,00 | 22,19 | 21,40 |
| October | 20,73 | 19,94 | 21,05 | 20,26 |
| November | 20,98 | 20,19 | 21,30 | 20,51 |
| December | 21,15 | 20,36 | 21,47 | 20,68 |
Petrol LRP
| Date | Price: Inland | Price: Coastal |
| January | 22,17 | 21,45 |
| February | 22,92 | 22,20 |
| March | 24,13 | 23,41 |
| April | 24,78 | 23,99 |
| May | 25,15 | 24,36 |
| June | 23,91 | 23,12 |
| July | 22,86 | 22,07 |
| August | 22,71 | 21,92 |
| September | 21,79 | 21,00 |
| October | 20,73 | 19,94 |
| November | 20,98 | 20,19 |
| December | 21,15 | 20,36 |
All prices are per litre and the data is from the Automobile Association South Africa.
Petrol prices: Projections
Gauteng News reported that the latest data from the Central Energy Fund (CEF) outlines the following potential changes to fuel prices:
- Petrol 93: An increase of 14 cents per litre
- Petrol 95: An increase of 7 cents per litre
- Diesel 0.05% (wholesale): An increase of 2 cents per litre
- Diesel 0.005% (wholesale): An increase of 5 cents per litre
- Illuminating paraffin: A decrease of 11 cents per litre
Do you fill up your car’s tank just before there is an increase?
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