All signs point to a price hike for petrol and diesel drivers this February

Well, it was fun while it lasted, eh? After going three months without any sort of petrol and diesel price hike, the Department of Mineral Resources and Energy is looking like it’ll end that streak come the first week of February. That’s if the Central Energy Fund’s (CEF) latest data dump, captured on 17 January, has anything to say on the subject — it usually does.

The only reprieve we can offer is that the CEF’s predictions — which are more than likely to be the closest thing to ‘correct’ as possible — aren’t filling our brains with scary ideas of a R1+ increase. You might even call them ‘tame’, but we’ll avoid passing judgement until the CEF’s predictions come to fruition.

A rough February for petrol and diesel ahead

If this isn’t your first fuel price prediction rodeo, will be taking place at midnight come Wednesday, 7 February. That’s when the Department of Mineral Resources and Energy likes to target the country’s pumps.

Despite our talk that the CEF is one of the more reliable indicators of the month’s upcoming fuel prices, it’s worth remembering that their word isn’t fact. They are merely predictions, with the figures conjured up based on a couple of different economic factors — such as the current average price of refined oil globally, and the average Rand/US Dollar exchange for the month.

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The CEF’s figures don’t take into account any of the Department’s slate levies or retail margin changes, which have been known to significantly alter a month’s petrol and diesel prices in the past. At the end of a month, the Department looks at all the same information and arrives at a decision — whether we like it or not.

Here are the fuel price predictions (so far) for February 2024:

• Petrol 93: increase of 21 cents per litre (R0.21)
• Petrol 95: increase of 19 cents per litre (R0.19)
• Diesel 0.05%: increase of 21 cents per litre (R0.21)
• Diesel 0.005%: increase of 15 cents per litre (R0.15)
• Illuminating Paraffin: increase of 10 cents per litre (R0.10)