Daily snapshot data for LP Gas is not presented by the CEF.<\/p>\n\n\n\n
The Department of Mineral Resources and Energy (DMRE) has noted that its daily snapshots are not predictive and do not encompass other possible modifications, such as slate levy adjustments or retail margin changes. The department determines these adjustments, considering various factors, at the end of the month.<\/p>\n\n\n\n
Domestic fuel costs are primarily governed by the rand\/dollar exchange rate and international oil prices. In South Africa, the fuel price is adjusted on the first Wednesday of every month based on these two factors.<\/p>\n\n\n\n
For February 2024, higher oil prices have been working against motorists, but the relatively stable rand has offered some marginal support for prices.<\/p>\n\n\n\n Rand<\/strong><\/p>\n\n\n\n While the rand has started the new year showing some volatility, it has remained squarely within the R18.20 to R18.60 range since mid-December 2023.<\/p>\n\n\n\n According to Investec chief economist Annabel Bishop, despite the relative stability, the local unit is running counter to historical trends where it would usually strengthen in the early months of the year.<\/p>\n\n\n\n \u201cLower global financial risk-aversion around the turn of the year tends to see the rand experience lower volatility, and usually some strength \u2013 although this year, the domestic currency has remained weak on poor fundamentals,\u201d she said.<\/p>\n\n\n\n Local issues appear to be the main culprit behind the rand\u2019s weakness, with Bishop noting a bleak growth outlook and the tepid response to the government\u2019s big energy plan (the Integrated Resource Plan 2023), which does not seem like it will be making a dent into the economy-crippling bouts of load shedding any time soon.<\/p>\n\n\n\n![\"\"](\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2024\/01\/Fuel-prices-mid-jan-2024.jpg\")
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