Finances

Fuel prices are significantly lower across the country as of today

While these prices won’t be as low as January of last year, they’re still a welcome sight for motorists and consumers to relieve their monthly budget. Read on for more!

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The new year started with good news for consumers all around.

fuel prices
Fuel prices will decrease significantly starting today. Source: Freepik.

Drivers across the country can expect good news in January! Fuel prices are expected to decrease significantly this month. 

According to the CEF (Central Energy Fund), petrol, illuminating paraffin and diesel prices are showing a considerable decline. These lessened prices should come into full effect as of today. The official adjustment happened early in the morning. 

The AA stated that fuel prices are declining as both grades of petrol will lower close to R1.85 per litre. Illuminating paraffin will decrease by R1.93 and diesel will reduce between R2.47 and R2.59. 

The AA also said that these decreases will bring fuel prices from 95 ULP inland to close to R21.57 and R20.92 at the coast. Both of these prices are much closer to what consumers saw back in March 2022. 

This decrease in the wholesale price of diesel is even more significant, bringing the cost down to R21.47 per litre. According to the company, these decreases signal a positive start to 2023 and great news for consumers all around. 

Fuel prices decrease is a direct effect of international movement

fuel prices
International movement is the main reason for the price decrease. Source: Freepik.

According to the Fund, these reductions are a direct result of a much stronger Rand/US Dollar exchange rate. Plus, a considerable decrease in international product prices. 

AA stated that while a stronger Rand factors into prices decrease, other important data shows that international product prices are playing a more significant role in these reductions. 

They also added that while these prices won’t be the same as January 2022, they will go a long way in lessening the burden of paying too much for fuel. Not to mention its associated impact on other products, which millions of South Africans have experienced. 

Finally, the AA said that these lessened fuel prices are also good news for travellers who are vacationing in the country. That is because once these adjustments are put into place, their return leg will undoubtedly be less expensive. 

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