Fuel Price Increase Expected For February 2024

Mid-month speculation for February fuel prices points to a less-than-favourable upswing in the price of petrol and diesel. 

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The price of petrol is expected to increase by as much as 44 cents per litre, whereas the price of diesel is expected to increase by 40 to 45 cents per litre. Reports warn that if the current Rand and oil price trends continue until late next week, it might result in a more dramatic increase in the price of petrol and diesel.

Economists warn that February will be the first price hike in the last three months. Price speculation, motivated by the Central Energy Fund’s daily snapshot that indicated the prices of petrol and diesel are aligned in their under-recoveries, points to the price of fuel increasing. The under-recovery can be attributed to the instability of the Rand alongside its weakened. Additionally, higher global oil prices and international geopolitical tensions have been highlighted as additional influences on the fuel price. Bllomberg’s analysis reflected that the price of oil has risen as a result of the dwindling supplies.

fuel

Image: Pexels

Fuel prices for February will take effect on the 7th of February 2024. We will continue to provide updates as information becomes available.

Browse thousands of new and used cars here with CARmag. 

The post Fuel Price Increase Expected For February 2024 appeared first on CAR Magazine.


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