The rise in international oil prices will hit a sore spot for South African motorists as yet another substantial fuel price hike is on the cards for the end of May.
The Automobile Association (AA) said last month’s fuel price account was closed earlier by the Department of Energy, resulting in the postponement of a substantial 50 cent-per-litre increase brought on by a weakening rand and rising international oil prices at the end of April.
This means that the country started the month of May with a fuel price deficit. The first half of May saw oil price rises and the rands decline against the US dollar further worsened the situation.
South African motorists are currently facing increases of 74 cents per litre for oil, 81 cents per litre for diesel, and 78 cents for paraffin.
The AA also expressed concern regarding the effect of these price increases on the local economy. The deferred loss from last month will now be included in their month’s fuel price hike adjustment.
The price of fuel is expected to skyrocket past R15 per litre.
These are the prices you can expect to pay for fuel come June:
May price – R14.97
June price – R15.71
May price – R14.72
June price – R15.46
0.05% Diesel (wholesale)
May price – R13.34
June price – R14.15