Petrol price for December 2018: South Africa vs the rest of the world

South Africans have been buoyed by the news that an epic petrol price drop is on its way for December. After eight months of fuel hikes and pain at the pumps, it looks as if the Central Energy Fund have sorted us all out with an early Christmas present.

The decrease which will be officially confirmed in the next few days will see prices return to a figure less than R15 per litre for the first time in nearly six months.

Petrol price for South Africa, December 2018: Coastal regions are on course for an approximate price of R14.80 per litre, whereas inland areas can expect to pay something just under R15.50p/l. Diesel and illuminating paraffin are also set to drop by more than R1 a litre.

Why are petrol prices coming down so sharply, we hear you ask? Well, the global oil price is currently in free-fall, and supply is starting to exceed demand. In October, the price for a barrel of crude oil was $85 that figure is now around the $65 mark as we head into December. A strengthening rand has also had an effect.

With an average price of R15.15 forecast for next month, that puts South Africa at number 71 on the list of cheapest countries to buy fuel once it comes into affect, South Africa will rise more than 20 places from its current position. But who has to fork out the most, and where can you buy petrol for peanuts? That's what we're here to work out:

Petrol price: Top 10 most expensive countries (Prices based on rand per litre)

Hong Kong R29.11

Barbados R27.33

Wallis and Futuna R26.23

Norway R25.99

Monaco R25.93

Italy R25.55

Israel R25.06

Iceland R24.91

The Netherlands R24.86

Greece R24.81

Why petrol is so expensive in Hong Kong Well, fuel is taxed heavily by the authorities to discourage the use of cars in favour of public transport. The value fluctuates from time to time, but Hong Kong is never far away from this unwanted crown.

Europe remains a typically expensive place to fuel up, with six of the top ten countries on the list residing on the continent. That figure balloons to 12 of the top 20, as Liechtenstein (12th), San Marino, Finland, Portugal, Albania, Denmark and Ireland (15th through to 20th) stay high up the charts.

Petrol Price: Top 10 cheapest countries

Venezuela R0.12

Sudan R1.81

Iran R3.99

Kuwait R4.83

Algeria R4.94

Ecuador R5.47

Nigeria R5.67

Turkmenistan R6.00

Egypt R6.05

Azerbaijan R6.56

Why is Petrol so cheap in Venezuela? The political situation in Venezuela is dire, but that has not affected petrol prices in the country. The socialist state has vast oil reserves, and Venezuelans have fought for gasoline to remain as a national birthright .

At the current price forecast for December, you could fill up a tank of petrol for R5. It's mind-blowing, really, standing at 15 times cheaper than its nearest competitor on the list, Sudan.

How much is a litre of petrol in

Australia - R13.89

Brazil - R16.37

Canada - R13.34

China - R15.58

India - R15.21

New Zealand - R21.04

Russia - R9.47

UK - R22.42

USA - R10.66

Zimbabwe - R19.31

All information was taken from Global Petrol Prices. Fuel costs from Syria and Mongolia omitted, as details were not fully provided.

Tags: petrol pricesSouth Africa

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