Great news for motorists as early data from the Central Energy Fund (CEF) points to a slight drop in fuel prices next month.
According to a report by IOL, recent mid-month data from the CEF shows that prices for petrol and diesel are set to drop in February 2023 due to rising international petroleum costs. The report further reveals that fuel prices are expected to reduce by as much as 25 cents a litre. Diesel is also on track for a 50 to 60 cents per litre drop.
Abigail Moyo, the spokesperson of the trade union UASA, said the recent fuel price cut would thrill consumers and also increase spending power. She said: “Parents of school-going children will be in good spirits as it will put more disposable income in their pockets, heightening their spending power.”
“As most workers end their festive season and learners prepare to return to school, UASA is pleased about the effect of the lower prices on South African pockets,”
The fuel price in South Africa is determined by a number of factors, including the price of crude oil, the value of the South African rand, and taxes imposed by the government. The price of fuel is adjusted on a monthly basis, and can fluctuate greatly depending on these factors. The current fuel prices in South Africa are available here.
It’s worth noting that these prices are subject to change and may vary depending on the region of the country. It’s also worth noting that fuel prices are affected by global crude oil prices, which are subject to volatility.
