As December 2024 approaches, South African motorists eagerly await the next fuel price change. According to the most recent forecasts, individuals who rely on gasoline may benefit, while diesel users may see a rise.
Fuel price changes are influenced by a number of factors, including worldwide crude oil rates and the fluctuating rand/dollar exchange rate. This article presents a detailed analysis of the projected petrol prices for December 2024, focused on factual data and divided into parts to guarantee reader clarity.
The present fuel price situation in South Africa is variable, influenced by both domestic and foreign economic forces. Let us look at the predicted changes in petrol and diesel costs, the factors behind these changes, and a full comparison with actual fuel prices.
Here is the expected petrol price for December 2024
Based on the most recent data from the Central Energy Fund (CEF), which includes fuel price evaluations effective as of mid-November, the predicted adjustments for December 2024 are as follows:
| Fuel Type | Expected Price Change |
|---|---|
| Petrol 93 Octane | Decrease of 16 cents |
| Petrol 95 Octane | Decrease of 4 cents |
| Diesel 0.05% Sulfur | Increase of 39 cents |
| Diesel 0.005% Sulfur | Increase of 38 cents |
| Illuminating Paraffin | Increase of 39 cents |
The table shows that gasoline costs for both 93 and 95 octane are likely to fall, while diesel and illuminating paraffin are expected to rise. Specifically, fuel 93 octane may drop by 16 cents per litre, while petrol 95 octane may fall by 4 cents per liter. Diesel customers, on the other hand, may face a 38-39 cent per litre increase.
Factors Influencing Fuel Prices
South Africa’s fuel prices are primarily governed by two factors:
International Oil Prices
The price of crude oil is an important factor in determining the cost of petroleum products. The price of Brent crude oil was $71.44 per barrel in mid-November. Oil prices fluctuate due to global economic conditions, geopolitical conflicts, and production decisions made by major oil companies.
Rand-Dollar Exchange Rate
Another significant issue is the South African rand’s exchange rate with the US dollar. As on the most recent statistics, the rand is trading at R18.09 per US dollar. South Africa imports the vast majority of its crude oil, hence the exchange rate has a direct impact on the cost of these imports. A lower rand raises the cost of imported petroleum products, often leading to higher local fuel prices.
Current Fuel Prices Comparison with November 2024
To better appreciate the impact of the future price adjustments, compare the expected December prices to those for November 2024. Below is a full comparison for both inland and coastal regions.
| Region | Fuel Type | November 2024 Price (R per litre) |
|---|---|---|
| Inland | Petrol 93 Octane | R20.98 |
| Petrol 95 Octane | R21.30 | |
| Diesel 0.05% Sulfur | R18.66 | |
| Diesel 0.005% Sulfur | R18.77 | |
| Illuminating Paraffin | R12.87 | |
| Coastal | Petrol 93 Octane | R20.19 |
| Petrol 95 Octane | R20.51 | |
| Diesel 0.05% Sulfur | R17.87 | |
| Diesel 0.005% Sulfur | R18.01 | |
| Illuminating Paraffin | R11.87 |
The forecast fall in petrol prices for December 2024 is likely to provide some respite to motorists, especially given the rises seen earlier in November. However, the predicted rise in diesel and illuminating paraffin prices will continue to affect consumers, particularly those in the logistics and agriculture industries.
What Does This Mean for South African Motorists?
While petrol customers may see some relief at the pump in December, the rise in diesel and illuminating paraffin prices suggests a mixed picture for fuel expenses in South Africa. The impending revisions account for the combined impact of international oil price swings and the unpredictable rand/dollar exchange rate. For the time being, consumers must continue to monitor these variables because they have a direct impact on transportation and other household expenses.
Also See: SASSA Universal Basic Income Grant 2024, What it is and how it works?
Alhamdulillah
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