Fuel price outlook: Here’s what you’re likely to pay for petrol and diesel in December 2023

Fuel price outlook: Here’s what you’re likely to pay for petrol and diesel in December 2023

It’s been a brutal year for fuel prices in South Africa, but motorists can expect some relief at the pumps from December, with petrol and diesel prices set to come down significantly.

Late month unaudited data from the Central Energy Fund (CEF) implies that South Africans should expect the price of petrol to come down by around 98 cents in December, while while diesel is looking set for reductions of between R2.23 (500ppm) and R2.29 (50ppm).

But let’s quickly thrown in a disclaimer as these predictions are based on unaudited data that doesn’t yet reflect any possible adjustments to the monthly Slate Levy. The official petrol and diesel prices for December are set to be announced early next week before coming into effect on Wednesday, December 6.

If the above predictions materialise, the price of 95 Unleaded petrol will be reduced to around R22.20 at the coast and R22.92 inland, while 93 Unleaded should cost in the region of R22.46.

The wholesale price of 50ppm diesel should shift to about R21.40 at the coast and R22.11 inland, but to that you’ll have to add the wholesale margin which is usually around R2, varying between outlets.

Your per-tank savings for a petrol-powered car ahead of that December road trip should vary between R30 for a small car, R50 for a medium one and around R70 if you drive something the size of a tank.

But those with diesel-powered one-tonne bakkies and related SUVs stand to save the most, with a 75-litre refuel saving you around R170.

The main driver behind December’s projected fuel price cuts is lower international oil prices. Brent Crude oil, for instance, has been trading in the $80 to $82 (USD) range for most of the month, after hitting highs of close to $98 as recently as September.

Stay tuned early next week to find out the official petrol and diesel prices for December.

IOL Motoring