Johannesburg – 2022 Was a brutal year for South African fuel prices, but thankfully 2023 is starting off on a positive note with significant decreases for both petrol and diesel.
According to the Department of Mineral Resources and Energy (DMRE) the price of both grades of petrol will decrease by R2.06 per litre from Wednesday, January 4, while diesel is to drop by between R2.68 (500ppm) and R2.80 (50ppm).
What this means at the pumps is that a litre of 95 unleaded petrol will now cost R20.75 at the coast and R21.40 inland; whereas 93 unleaded now costs R21.10. The wholesale price of 50ppm diesel is set to drop to R20.79, although retail prices which vary between outlets will be higher.
How much will you save per tank?
If you drive a small car like a Volkswagen Polo, and are putting 35 litres into its 40 litre tank, you’re looking at a saving of R72 per refill. Refuelling a mid-size car like a Toyota Rav4 with 50 litres will save you R103.
But it’s those putting diesel into large SUVs and bakkies with 80 litre tanks that stand to save the most, with 75 litres of 50ppm set to become R210 cheaper from Wednesday.
According to the Central Energy Fund, the January price reductions are the result of significantly lower international oil prices and, to a lesser degree, a stronger rand.
“These decreases will not take fuel prices to levels seen in January, 2022 but will go a long way to alleviating the fuel price burden – and its associated impact on other prices – felt by millions of South Africans,” said the Automobile Association (AA).
“For many currently on vacation this is also good news as it will undoubtedly reduce expenses on the return leg of their journeys,” the AA said.
For the record, a litre of 95 unleaded cost R18.89 at the coast in January, 2022 which is still R1.86 less than it will be in the first month of this year.