We’re nearly halfway through November, which can only mean one thing: it’s time to take a look at what’s in store for petrol prices this December. After a fairly rough month, money-wise, for motorists, which felt the sting of minor increases across the board for both petrol and diesel, the Central Energy Fund (CEF) has some good news, and some not-so-good news.
According to a fresh report from the state-owned energy company, captured 12 November, it looks like diesel drivers will bear the brunt of the increase, while petrol drivers may escape unscathed. Neither we, nor the CEF can guarantee it’ll remain that way come December, but it does offer the most complete look at the situation.
‘Tis the season… for some
There’s still a long way to go before the first Wednesday of December, which in this case falls on 4 December. That’s when the Department of Mineral Resources and Energy (DMRE) – the department officially responsible for adjusting the country’s fuel prices monthly – will implement the prices at the pumps nationwide.
Until then, the Central Energy Fund (CEF) provides daily predictive snapshots – which keep track of the two biggest economic factors that affect the monthly fuel prices. Those involve the ever-changing Rand/US Dollar exchange rate, as well as the price of oil internationally. The stronger the Rand and the cheaper the oil, the better for South African motorists.
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In this case, the weakened Rand is the largest contributor to the figures down below. After a volatile situation in the U.S. following the elections, the Rand has stabilised somewhat. The price of crude oil globally, which saw a massive jump at the beginning of 2024, has also stabilised near the $70+ mark, though still too high to bring down the price of diesel.
Should the Rand strengthen over the coming weeks, we could see improved predictions from the CEF before the DMRE makes its final decision at the end of November. We’ll keep you updated until then.
Here are the petrol and diesel price predictions (so far) for December 2024:
- Petrol 93: decrease of 14 cents per litre (R0.14)
- Petrol 95: decrease of 4 cents per litre (R0.04)
- Diesel 0.05%: increase of 38 cents per litre (R0.38)
- Diesel 0.005%: increase of 36 cents per litre (R0.36)
- Illuminating Paraffin: increase of 38 cents per litre (R0.38)