JOHANNESBURG – After a painful year at the fuel pumps, South Africans may finally get a break this week.
According to data from the Central Energy Fund, leaked to Netwerk24, petrol and die- sel prices currently look set for cuts of between 73c and 76c per litre, depending on the grade of fuel. Local fuel pric-
es are determined by interna- tional oil prices – as well as the dollar-rand value, as South Af- rica buys oil in dollar.
While the Brent oil price rose over the past month, Netwerk24 reports that there has been a decline in the prices for various oil imports that reached South Africa in recent weeks. This has counteracted a soft rand.
The rand has weakened from R15.39$ to R15.74 over the past month.
The price of 95 petrol in Gauteng rose by 37 percent – from R14.86/l to R20.29 – since January. This was mainly due to rocketing oil prices.
In 2021, the price of oil saw its biggest annual gain in more than a decade, Bloomberg reported. This was thanks to accelerating economic growth and fuel demand, as lockdowns were downgraded across the world.
Petrol and diesel prices will be adjusted this Wednes- day, and an announcement on price changes is expected soon. – FIN24
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