Automobile Association Announces Fuel Price Cuts to Kickstart 2024, Petrol Gets Cheaper
- Anticipate lower fuel prices in 2024, as predicted by the Automobile Association
- There is a potential reduction of around 54 cents per litre for 95 unleaded petrol and approximately 39 cents for 93 unleaded petrol
- The primary reason for the expected decline in oil prices remains the ongoing downward trend
Source: Getty Images
The outlook for 2024 is promising, with the Automobile Association (AA) forecasting a decline in fuel prices for the upcoming month.
Despite the unpredictable nature of the rand and apprehensions regarding shipping routes in the Red Sea, there is an anticipation of a decline in local fuel prices following adjustments by the Department of Mineral Resources & Energy.
The AA, known for issuing forecasts and providing insights on fuel prices, highlighted preliminary data from the Central Energy Fund (CEF).
According to the AA, there's a possibility that 95 unleaded petrol might see a reduction of approximately 54 cents per litre, with 93 potentially dropping by 39 cents.
Anticipated reductions in diesel prices range from 94 cents to R1.02 per litre, and illuminating paraffin is expected to decrease by approximately 95 cents per litre.
Nonetheless, the predominant factor behind the anticipated decreases in oil prices continues to be the downward trend. While the average rand/US dollar exchange plays a somewhat diminished role, it still contributes to the expected reductions.
"An enduring remedy for alleviating the escalation of fuel expenses remains imperative. Until such a solution is identified, citizens will continue to bear the brunt of fuel price increases.
"Once more, we urge the government to promptly initiate a transparent assessment of the fuel pricing structure in order to address this issue."
Mzansi feels that fuel cuts are due to the 2024 elections
Mokgethwa Kgalalelo noted:
"Loadshedding will stop, fuel will go down, potholes will remain, water crisis will slow down, but all these just for votes."
Emmanuel Matsobane Matsaudi says:
"Brought to you by 2024 elections."
Emmanuel Veli Mavesta mentioned:
"Lol .it's the year of elections, anything is possible."
Petrol, diesel prices on track
Should the anticipated fuel price reductions materialise, it will mark the third consecutive month of declining prices. In early December, 95 petrol saw a reduction of 65 cents, dropping to R23.25 per litre, while the coastal price was adjusted to R22.53 — reaching the lowest levels since August.
Economic challenges in Guinea post fuel depot fire
Previously, Briefly News reported that nearly two weeks following the devastating fire at Guinea's primary fuel depot that resulted in fatalities and widespread damage, frustrations mount. The economy is in turmoil, marked by escalating inflation, restricted petrol availability and halted truck transportation of goods.
Nine days passed before the flames were completely quenched following an explosion that shook the main depot of the state oil company on 18 December 2023 in the capital city of Conakry. The incident resulted in the tragic loss of 24 lives and left 454 individuals injured.
Source: Briefly News
