Fuel prices predicted to drop significantly in the new year

The Central Energy Fund’s (CEF) weekly fuel price prediction has brought a rare glimmer of hope for consumers in the new year.

This after forecast figures predicted a substantial drop in the prices of petrol, diesel and illuminating paraffin.

ALSO READ: Fuel prices: Mixed bag for motorists as diesel drops but petrol up

Potential 2023 prices

According to the CEF, from 4 January 2023, 93 and 95 octane petrol could drop by R1.53, diesel 0.05% by R3.46, diesel 0.005% by R3.52, and paraffin by R2.27.

The forecasted drop in fuel prices comes amid falling oil prices and a strengthening Rand, Pretoria Rekord reports.

In December, the prices of both grades of petrol rose by 59 cents per litre, and diesel by R.157 per litre.

Illuminating paraffin cost 57 cents less per litre, with the price of LP gas increasing by 95 cents per kilogram.

Fuel prices reached historic highs in July 2022, at aR26.74 per litre for 95 octane, and R26.31 for 93 octane.

International factors play a significant role when a new fuel rate is determined, such as crude oil prices, the rand/US dollar exchange rate, and the slate levy.

NOW READ: Petrol price hike: Here’s what it’ll cost for a full tank in different cars

Edited and compiled by Nica Richards.

Parts of this article first appeared on Caxton publication Pretoria Rekord’s website. Read the original article here.