South African motorists are advised to brace for tough times ahead, as all indications point to an increase in fuel and diesel prices in February, according to the Central Energy Fund (CEF).
The latest data from the CEF forecast an increase of about 25 cents for 95 unleaded petrol and 32 cents for 93 ULP.
Fuel prices are expected to be adjusted on Wednesday, February 1.
In December, the CEF said motorists could expect to pay less in the beginning of the new year. The data showed that motorist could expect a petrol price cut of about R1.94 per litre while diesel could be cut by R2.73 per litre in January 2023.
According to market analysts at the time, the positive turn for the rand came as local political uncertainty eased following a solid victory for President Cyril Ramaphosa at the ANC’s 55th National Conference in December, as well as a softer dollar as risk sentiment improved.
Analysts said at the time that the dollar had been over-valued for some time, given the risk-averse market conditions being driven by a year littered with rate hikes at major central banks – but the sentiment was starting shift, and the greenback was expected to soften even further.
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