More Fuel Price Relief on the Cards for February After January Cuts

South African motorists are in line for another round of fuel price relief in February, with the latest data pointing to further decreases across petrol and diesel grades when the new prices kick in next Wednesday, 5 February.

According to late-month figures from the Central Energy Fund, unaudited data as of 27 January shows an over-recovery on both petrol and diesel. Petrol prices are expected to drop by around 66 cents per litre for 95 Unleaded and about 64 cents for 93 Unleaded. Diesel users can also expect some relief, with price cuts of roughly 60 cents per litre for 500ppm and up to 67 cents for 50ppm.

If these adjustments are confirmed, the price of 95 Unleaded could come down to about R19.26 per litre at the coast and around R20.09 inland. Inland motorists using 93 Unleaded may see prices hovering close to the R20.00 mark.

Fuel prices are already sitting at their lowest levels in nearly four years following January’s reductions. The current downward trend is largely being driven by a strong rand, which has recently traded at its firmest level against the US dollar since 2022. The stronger local currency has helped offset higher international fuel costs and has played a key role in building the current over-recovery.

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However, gains are being capped by rising global oil prices. Brent crude has been supported by production outages and supply cutbacks, while severe winter storms in parts of the United States have disrupted output along the Gulf Coast. Ongoing geopolitical tensions, particularly concerns around potential supply disruptions from Iran and the broader Middle East, have also added a risk premium to oil markets.

Earlier this month, authorities confirmed significant January fuel price cuts, with petrol reduced by up to 66 cents per litre and diesel by as much as R1.50 per litre. At present, 95 Unleaded is selling for around R19.92 at the coast, while inland prices are approximately R20.75 for 95 Unleaded and R20.64 for 93 Unleaded.

Final February fuel prices will be announced shortly before the adjustment takes effect.