South African motorists brace for another fuel price hike in February 2025 as rand weakens against the dollar and oil prices rise

In early February 2025, South African motorists are in for more bad news regarding petrol and diesel prices.

Recent data suggests that fuel costs will rise significantly, impacting vehicle owners across the country.

The situation is being fueled by a combination of factors, including the weak rand and ongoing geopolitical tensions.

The Current State of Fuel Prices in South Africa

This month, South Africans have already felt the pinch with an increase in both petrol and diesel prices.

The rising costs can largely be attributed to the rand’s continued depreciation against the dollar and the steady climb in global oil prices.

Tensions in the Middle East have been contributing to the spike in oil prices, further complicating the situation.

As of the latest updates, the rand continues to weaken, which suggests that fuel prices could climb even higher next month.

The Central Energy Fund (CEF) has provided new projections, which are based on the current market conditions as of January 13, 2025.

Expected Fuel Price Changes

If the exchange rate and oil prices hold steady, motorists in South Africa should brace for the following price hikes in February:

• Petrol 93: Increase of 81 cents
• Petrol 95: Increase of 75 cents
• Diesel 0.05%: Increase of 90 cents
• Diesel 0.005%: Increase of 88 cents
• Illuminating Paraffin: Increase of 73 cents

While the markets are unpredictable, these are the expected increases if the trends continue.

Key Factors Affecting Fuel Prices

Two main factors influence fuel prices in South Africa:

1. International oil prices: The global price of oil, driven by supply and demand and geopolitical events, directly impacts fuel costs in the country.
2. The rand/dollar exchange rate: Since South Africa imports most of its petroleum products, the value of the rand against the dollar plays a crucial role in determining fuel prices.

Current Oil Prices and Exchange Rate

At the time of publication, the price of Brent crude oil stands at $80.49 per barrel.

Meanwhile, the rand/dollar exchange rate is at R18.95 to $1.

These factors are expected to shape the final fuel price adjustments for February 2025.

Fuel Price Adjustments for February 2025

The new fuel prices will officially come into effect at midnight on Tuesday, February 4, 2025. Motorists can expect these adjustments to be confirmed early next month, so it’s wise to prepare for the increase.

Current Fuel Prices in January 2025

For comparison, here are the current petrol and diesel prices for January 2025:

• Inland Prices:
  • Petrol 93: R21.34
  • Petrol 95: R21.59
  • Diesel 0.05%: R19.29
  • Diesel 0.005%: R19.44
  • Illuminating Paraffin: R13.26
• Coastal Prices:
  • Petrol 93: R20.55
  • Petrol 95: R20.80
  • Diesel 0.05%: R18.50
  • Diesel 0.005%: R18.68
  • Illuminating Paraffin: R12.26

With the anticipated rise in fuel prices, it may be wise for South African motorists to adjust their driving habits and budgets accordingly.

This article was published on TDPel Media. Thanks for reading!

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