Are fuel prices set to drop in February?

Can motorists expect a decrease or an increase in petrol prices in the month of February?

Based on an unaudited mid-month data released by the Central Energy Fund, the Automobile Association (AA) says we can expect a further drop in petrol prices next month.

While the international price of crude oil has risen slightly since the start of 2019, it is still lower than the December average. Furthermore, the Rand/US Dollar Exchange has strengthened, which should translate into price reductions in fuel at the end of the month.

According to current data, the petrol price is predicted to fall by roughly 12 cents per litre. Diesel can see a drop by approximately 36 cents per litre.

Some reports claim the drop in fuel prices is even higher than initially expected. The decrease in the fuel prices are expected during next month:

Petrol – R1-00

Diesel -R 1.30

Illuminating Paraffin – R1.22

The AA says the sagging international petroleum prices are spurred on by the USA, which is trending towards becoming a nett exporter of oil.

However, as the price of fuel is volatile, if the situation is to suddenly change and the price does indeed increase, motorists will see nothing more than a 15 cents increase.

What are your thoughts on the fuel prices? How will the decrease help you? Share your thoughts with us in the comments section below.

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