Petrol and diesel prices could rise by as much as R1+ this February

With a little under a week to go before the Department of Mineral Resources and Energy (DMRE) adjusts the country’s petrol and diesel prices, the Central Energy Fund (CEF) has released another of its daily predictive snapshots which foretells yet another massive price hike is on the cards for motorists – despite a similarly rough January in SA.

This won’t be a small increase, either. The CEF’s latest snapshot, captured on 28 January, predicts a minimum R1+ increase for diesel drivers, while petrol drivers will have to suffer through an equally tough increase near the R0.90 mark. It might not look like it, but the CEF’s latest figures (below) show a minuscule improvement over last week’s predictions. It’s the small victories, friends.

A rough February ahead

It’s worth mentioning that the CEF’s figures are not final, though they do offer the most accurate summation of the coming changes. The CEF, being a state-owned energy company reporting directly to the DMRE, track the various economic factors which influence the price of fuel – and presents its findings on a monthly basis.

On the first Wednesday of every month – in this case Wednesday, 5 February – the DMRE officially adjusts the price of fuel at the pumps. Until then, the CEF tracks the current price of unrefined oil globally, as well as the current Rand/US Dollar exchange rate. These two stats, coupled together, inform the price of fuel.

Believe it or not, the figures captured below are minimally more hopeful than those captured last week. It’s a small decrease, but should the Rand grow stronger against its foe and the price of oil decrease… we could be looking at a more manageable increase for February. We’ll let you know about it next week.