By Tom Head for The South African
Has Santa Clause been listening to the South African public? A petrol price decrease of epic proportions is now certifiably on the cards for December, after the Central Energy Fund (CEF) released a new round of data.
Last week, we broke the news that the petrol price was likely to drop by more than R1.50 per litre. However, that figure may be nearer the R2 mark by the beginning of next month. Business Tech report that the rand’s gains against the dollar have propelled the costs into more affordable territory.
How much will the petrol price drop by?
All figures based on price per litre:
- Petrol 95: R1.67
- Petrol 93: R1.64
- Diesel: R1.14
- Illuminating Paraffin: R1.05
It’s been a hectic couple of months for the crude oil market, but one’s misfortune is another’s gain. The price for a barrel of oil has slumped to the $60 mark, compared with $85 in September. Donald Trump, this tweeter-in-chief, has even suggested oil prices could drop lower than this.
“The main driver of lower prices has been an accelerating decline in international oil prices, which have trended downwards since the beginning of this month,” said the Central Energy Fund in an official statement.
A perfect storm of positive factors for South Africa is leading us towards one of the most dramatic changes in monthly petrol prices ever seen in this country. It would be the ideal remedy to a year that has been infamous for soaring fuel costs, and October’s R1-per-litre increase.
It all makes for a pretty rosy picture heading into the end of 2018. Inland regions, such as Gauteng and Free State, will go from paying over R17 a litre to less than R15.50. Meanwhile, those near the coast will smash the R15 barrier altogether, as prices plummet even further.
What South Africans will pay for petrol in December 2018 – forecast:
- Inland: R15.41
- Coastal regions: R14.82