https://www.engineeringnews.co.za
Africa|Energy|Gas|Products
Africa|Energy|Gas|Products
africa|energy|gas|products

Fuel prices will be cut on Wednesday

Petrol Pumps

Photo by Bloomberg

4th January 2022

By: News24Wire

  

Font size: - +

Consumers are getting some relief early in the new year with fuel prices set to fall on Wednesday.

The Central Energy Fund (CEF) announced on Monday that the retail price of petrol (93) will be cut by 71 cents a litre, while 95 will decrease by 68c.

The wholesale price of diesel (0.05% sulphur) will be lowered by 67.8c a litre and 0.005% by 69.8c.

The wholesale price of illuminating paraffin will decrease by 71c a litre.

Local fuel prices are determined by international oil prices - as well as the dollar-rand value, as South Africa buys oil in dollar.

The CEF pointed out that the average international product prices for petrol, diesel and illuminating paraffin decreased during the period under review.

The rand weakened from R15.39$ to R15.74 over the past month.

The price of 95 petrol in Gauteng rose by 37% - from R14.86/l to R20.29 - in 2021. 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.

"Additionally, surging natural gas prices spurred greater demand for oil-derived products while OPEC+ continues to only drip-feed additional supplies onto the market," Bloomberg reported. Goldman Sachs forecasts further gains in oil prices in 2022. 

Edited by News24Wire

Comments

Showroom

ESAB showroom image
ESAB South Africa

ESAB South Arica, the leading supplier of high-end welding and cutting products to the Southern African industrial market is based in...

VISIT SHOWROOM 
SAIMC (Society for Automation, Instrumentation, Mechatronics and Control)
SAIMC (Society for Automation, Instrumentation, Mechatronics and Control)

Education: Consulting with member companies to obtain the optimal benefits from their B-BBEE spending, skills resources as well as B-BBEE points

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Magazine round up | 19 April 2024
Magazine round up | 19 April 2024
19th April 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.433 0.496s - 165pq - 2rq
Subscribe Now