Fuel prices in South Africa experienced significant fluctuations in 2024, with prices peaking in early May before declining for five consecutive months. While prices rose again towards the end of the year, they remained lower than the highs seen in 2022. This volatility was attributed to a combination of lower international oil prices and a stronger rand, fueled by positive sentiment towards the South African Government of National Unity.
Although 2024 was by no means the most tumultuous year for fuel prices in South Africa , motorists did endure something of a price rollercoaster, albeit culminating in lower prices during the latter half.But it was a year of highs and lows for petrol, with coastal 95 Unleaded having peaked at R24.70 at the beginning of May following four consecutive increases. The largest of these was in March, when petrol was hiked by R1.21.
Although 2024 was a relatively volatile year for local fuel prices, it was by no means the height of fuel price pain for South Africans Petrol hovered around the R15 mark for much of 2018 and 2019, but the last time it fell below R10 was in September 2011.As mentioned, fuel prices fluctuations are primarily determined by movements in the local currency and international oil markets.
An escalation might theoretically cut global oil supply by 2%, which could see prices spiking at around $92, before settling back at $84 once unaffected producers hiked production. As it stands, however, the most likely scenario is for relative fuel price stability for South Africa in 2025, with prices likely to remain similar to current levels for the foreseeable future.
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