SA likely to see fuel price decline in January - thanks to a stronger rand
- South African petrol prices are set to decline by as much as 19 cents in January.
- This is predominantly attributed to a stronger Rand which offsets the rise in global Brent Crude oil prices.
- The local petrol price is set once a month, and will likely come into effect on January 1.
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The petrol price could decrease by as much as 19 cents in January, the latest data from the state-owned Central Energy Fund (CEF) shows.
The petrol price decline is predominantly influenced by a stronger Rand which strengthened from R14.75 against the US Dollar on December 11, to roughly R14.15 on December 26.
This is also offset by the rise in global Brent crude oil prices from the beginning of December.
According to CEF data for December 26, the price for 95 unleaded petrol is set to decline by 19.34 cents, and 93 unleaded petrol by 9.40 cents.
The department of energy sets the local fuel price once a month. The fuel price is predominantly influenced by the strength of the Rand against the United States (US) Dollar, and the price of Brent crude oil.
Business Insider South Africa previously reported that levies and taxes also make up to 60% of the fuel price.
The price diesel is, however, set to increase by 9.9 cents.
The department of energy can set the fuel price at any time, and it will come into effect on January 1.
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