Things are looking good for petrol prices in January 2023.
A drop in oil prices is the biggest contributor to the equation, reducing international product prices by between R1.80 and R2.70 per litre in the local formula. The rand, which has recovered from political instability in recent sessions, is contributing to a 12 to 15 cents per litre drop.
Oil markets have been dominated by two contrasting narratives in recent months – the first being the threat of supply constraints due to sanctions on Russia and OPEC+ nations cutting production , and the second being low demand from China and no supply issues from the Russian actions . “The prospect of further rate rises will hit economic growth in the New Year and, in doing so, curb demand for oil,” said Stephen Brennock, an analyst at brokerage PVM. “China’s recovery will not be a swift affair, with the situation likely to get worse before it gets better.
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