Petrol Price is set to Increase in January – Reports

The Central Energy Fund has published its mid-month fuel price data, pointing to an increase in petrol and diesel prices for January 2021.

The CEF data shows an under-recovery across the board, with prices expected to rise between 30 and 33 cents per litre for diesel, and 51 to 52 cents per litre for diesel.

  • Petrol 95: increase of 30 cents per litre;
  • Petrol 93: increase of 34 cents per litre;
  • Diesel 0.05%: increase of 52 cents per litre;
  • Diesel 0.005%: increase of 51 cents per litre;
  • Illuminating Paraffin: increase of 52 cents per litre.

While the mid-month data serves as a snapshot, the Department of Energy makes adjustments based on a review of the full period. Furthermore, the outlook can change significantly before month-end.

Price changes are adjusted so that the over- or under-recovery during the prior month will be corrected in the following month; the over- or under-recoveries are rounded up or down to the nearest full cent so that the effect of rounding contributes to the clearing of the cumulative balance of the individual products on the slate.

However, the mid-month prices provide a strong indication of moving trends. Prices are affected by two main components – the rand/dollar exchange rate, and the changes to international petroleum product costs, largely driven by oil prices.

Business Tech

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