Hefty fuel price cuts predicted for February

South African motorists might see a significant drop in fuel prices in February. 

Early data from the Central Energy Fund shows a large over-recovery in the prices of petrol and diesel. 

Currently, petrol has an over-recovery of about R1.20 per litre, and diesel is over-recovering by roughly R1.75 per litre. 

This raises hopes for further price cuts if market conditions stay stable.

This outlook follows earlier fuel price cuts in January, where petrol prices were reduced by 62 to 66 cents per litre, and diesel prices decreased by R1.37 to R1.50 per litre. 

If the current over-recovery continues, petrol prices could drop by about R1.19 per litre for 93 octane and R1.25 per litre for 95 octane in February. 

Diesel prices could fall between R1.68 and R1.84 per litre.

These changes are due to lower global oil prices and a stronger rand. 

However, fuel prices are still sensitive to changes in the global oil market and currency fluctuations; the situation could change before the official price announcement.