Fuel price drop to kick off 2023

Motorists will have a little less to stress about this January with a drop in fuel prices kicking the year off.

The fuel price reductions will come into effect when the official adjustment for January is made on Wednesday, January 4, 2023.

The Department of Mineral Resources and Energy has announced fuel product price adjustments as follows:

Both ULP 93 and 95 will decrease by R2.06 per litre, bringing the prices to R21.40 for ULP 95 and R21.10 for ULP 93.

Diesel 500ppm will fall by R2.69 per litre, bringing the price to R21.23.

Diesel 50ppm will drop by R2.81 per litre, bringing the price to R21.42.

The maximum LP Gas retail price will increase by 82c per kilogram. Illuminating paraffin will decrease by R1.93 per litre at wholesale.

According to the Central Energy Fund (CEF), the reductions are a result of a stronger average Rand to US Dollar exchange rate and significant decreases in international product prices.

While the stronger Rand is contributing to the decreases, the CEF said that their data showed the movement to international product prices is playing the most substantial role in the fuel price reductions.

These decreases will not, however, take fuel prices to levels seen in January 2022, according to the Automobile Association (AA).

“But it will, nonetheless, go a long way in alleviating the fuel price burden – and its associated impact on other prices – felt by millions of South Africans. For many travellers who are currently on vacation, this is also good news as it will undoubtedly reduce expenses on the return leg of their journeys.”

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