Relief at the pumps: Fuel prices to drop to lowest levels since 2022

Fuel prices are set to drop significantly this week, providing much-needed relief for motorists.

From Wednesday, February 4, both petrol and diesel prices will see notable reductions, marking a positive shift for consumers at the pump.

With most service stations advertising their fuel at R19.92, fresh data from the Central Energy Fund (CEF) indicates that petrol prices could fall by about 64 cents per litre, while diesel is forecast to drop by between 50 and 56 cents, depending on sulphur content. If confirmed, this would push petrol prices to their lowest levels in more than three years.

At the coast, 95 Unleaded petrol is expected to fall to around R19.28 per litre, while inland prices in Gauteng could drop to about R20.11, with 93 Unleaded hovering near R20.00. Diesel motorists will also benefit, with 50ppm diesel expected to decline to roughly R17.20 at the coast and R17.96 inland.

The anticipated drop follows January’s fuel price cuts, which saw petrol prices fall by up to 66 cents per litre and diesel by as much as R1.50.

While global oil prices were relatively stable earlier in January, increased volatility later in the month has raised concerns that the fuel price relief may not last indefinitely. Brent crude briefly surged to $68 a barrel before slipping to around $64.95 on Monday, following signals that US-Iran tensions may be easing.

Motorists should note that the current projections are based on unaudited data, and the final fuel price adjustments will be announced by the Department of Mineral and Petroleum Resources early this week.

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Cape Argus