Last Minute Changes for Feb Fuel Prices

Despite earlier reports, it appears relief is on the cards for SA motorists as the fuel price comes down for February 2020.

The Automobile Association of SA says the price of oil declining since the 2nd week of the year has resulted in decreases across the board for the month of February 2020.

The decreases are as follows: 95 Octane petrol will drop by around 13 cents a litre, with the other reductions marginal: 93 Octane petrol and both grades of diesel by four cents a litre.

"Rising tensions between the USA and Iran in the opening days of 2020 sparked a sharp increase in international oil prices, but the commodity has rebounded quickly. In fact, the oil price has returned to a level we might have expected had the US-Iran flare-up not taken place at all," the AA says.

While the oil price has dropped to its lowest level since the beginning of December 2019, the Rand/Dollar exchange rate is worsening. "We have some concerns over this ongoing weakening in the absence of any overt Rand shocks," the AA says. "It is not a good sign of confidence in the SA economy. We're pleased fuel prices have managed to tread water at the start of a year, a year which is likely to again be extremely economically challenging," the AA concludes.