Mid-month speculation on fuel prices in February points to a less than favorable increase in petrol and diesel prices.
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The price of petrol is expected to rise by as much as 44 cents per litre, while the price of diesel is expected to rise by 40 to 45 cents per litre. Reports warn that if current trends in Rand and oil prices continue until the end of next week, it could result in a more dramatic increase in the price of petrol and diesel.
Economists warn that February will see the first price increase in the past three months. Price speculation, prompted by the Central Energy Fund’s daily snapshot showing petrol and diesel prices on par in terms of their under-recovery, points to fuel prices rising. The under-recovery can be attributed to the instability of the Edge, in addition to the weakened edge. Furthermore, higher global oil prices and international geopolitical tensions have been highlighted as additional influences on fuel prices. Bllomberg’s analysis showed that oil prices have risen as a result of declining supply.
February fuel prices will go into effect on February 7, 2024. We will continue to provide updates as information becomes available.
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