Motorists can expect a sizeable drop in the diesel price for December, according to the latest estimates from the Central Energy Fund (CEF). The CEF’s estimates for the week ending 15 November show that diesel prices could come down by as much as R1.28 a litre when changes come into effect on Wednesday, 7 December. However, prospects are not as good for petrol drivers, who could be paying 55 cents per litre more. The department stresses that the snapshot is not predictive but rather serves as a fuel price indication. As market conditions change throughout the month, so too do the forecasts. These are the projected price adjustments at the end of week four of November.
- Petrol 93/95: increase of 55 cents per litre
- Diesel 0.05%: decrease of 124 cents per litre
- Diesel 0.005%: decrease of 118 cents per litre
- Paraffin: decrease of 23 cents per litre
The good fortune for fuel prices comes off the back of a stronger rand and lower global oil prices. The rand dropped below R17 to the dollar this week after messaging from the US Fed pointed to a possibility of rate hikes in the world’s largest economy slowing down. However, local rates were hiked by 75 basis points by the South African Reserve Bank in response to climbing inflation, keeping consumers and investors under pressure.