The latest data suggests that while the price of petrol will fall in South Africa from the first Wednesday of December 2024, the diesel price will climb.
Though the price of fuel is calculated using the same data for Eswatini, a price rise in the Republic does not automatically translate to a price rise in the Kingdom. However, diesel has an immediate impact on commercial transport that is a major factor in the price of goods and services imported into the Kingdom from South Africa.
The fuel price pressure reflects a strengthening USA Dollar against the South African Rand to which the Lilangeni is pegged. The USA Dollar which has breached the E18.05 mark this morning. The Rand depreciating against the dollar combining with rise in the world price of oil, now at $71.44 per barrel thanks to ongoing unrest in the Middle East.
Analysts believe that in the unlikely event of market conditions remaining consistent for the remainder of the month the petrol price will decrease by 16 cents for petrol 93 octane and a decrease of 4 cents for 95 users.
Meanwhile, diesel motorists would see something between a 38 and 39 cents per litre increase while illuminating paraffin is expected to increase by 39 cents.
The final overall price changes for both petrol and diesel will be confirmed in the coming weeks, with the new prices taking effect at midnight on Tuesday, 3 December.
Jm/today/20.11.2024
