Fuel prices to fall slightly in February on lower crude prices
The outbreak of the coronavirus in China has reduced economic activity in that country, resulting in lower oil prices
The price of 93 and 95 octane petrol is to fall by 13c/l on Wednesday, the energy department said on Monday.
Both grades of diesel will go down by 5c/l.
“The average international product prices for petrol decreased, while that of diesel and illuminating paraffin increased during the period under review,” the central energy fund said in a statement.
However, as the rand appreciated against the dollar between December 27 2019 and January 30 2020, the wholesale and retail prices for illuminating paraffin will fall by 3c/l and 4c/l, respectively.
The price of liquid petroleum gas will be cut by 1c/kg.
The outbreak of the coronavirus in China has reduced economic activity in that country. This has resulted in a drop in international oil prices in late January and early February, while the rand has weakened substantially along with other emerging-market currencies due to the same crisis.
It therefore remains to be seen how things work out in the next review period, beginning on January 31, to guide fuel-price changes at the end of February.